This is a possible trade opportunity for tomorrow.
SE tried to clear a recent level of resistance today but did pullback slightly before the close. The daily candle did close above the S/R flip zone on both the daily and the weekly chart. There is always a chance for a head fake but it has tested this level of resistance quite a bit
Today's candle does come off a large volume shelf, signaling a potential launch point. This trade thesis is invalidated if: 1)SE opens back below prior resistance OR if we gap up way above today's close.
I personally always wants a 2:1 reward to risk ratio on my trades so I would have a technical stop just below $114.10. This would be a 5% drawdown at the current entry price.
SE tried to clear a recent level of resistance today but did pullback slightly before the close. The daily candle did close above the S/R flip zone on both the daily and the weekly chart. There is always a chance for a head fake but it has tested this level of resistance quite a bitToday's candle does come off a large volume shelf, signaling a potential launch point. This trade thesis is invalidated if: 1)
SE opens back below prior resistance OR if we gap up way above today's close.I personally always wants a 2:1 reward to risk ratio on my trades so I would have a technical stop just below $114.10. This would be a 5% drawdown at the current entry price.
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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.