Long
PYX short squeeze on trendline break
As PYX breaks its major downward trendline, a long position is entered with a tight stop.
Factors leading to the decision:
As always, use a tight-stop and if it rips, let it run
Factors leading to the decision:
- Long-term downward trendline broken
- Heavy bullish volume showed up at the low, noticeable to traders looking for a sign of reversal
- A recent small retracement created a higher-low which is an ideal place to put a tight stop for the trade
- 20 SMA was recently crossed and held, luring in MA traders
As always, use a tight-stop and if it rips, let it run
Trade closed: stop reached
This trade failed with a fake breakout and my tight stop was hit a few days in
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.