Technical analysis. Daily chart: Uptrend. We mark the previous day's high at 26.50. Premarket: Increased activity without a clearly defined trend movement. Trading session: The upward movement from the opening was stopped at 26.50. The pullback did not lead to a change in trend and we are observing an unsuccessful second attempt to breakout the level at 10:30 a.m. After that we are observing a very small pullback, which indicates the weakness of sellers. We are observing a retest on decreasing volumes after breakout the level at 10:42. We are considering a long trade to continue the upward movement.
Trading scenario: #breakout-retest (#tightening-retest) of level 26.50
Entry: 26.86 above the high of the retest. Aggressive entry into the breakout without waiting for a retest is acceptable, when setting a stop behind the low of the last pullback.
Stop: 26.47 we hide it behind the level.
Exit: In this trade, it is quite difficult to manage the position following the trend, so taking profit with RR 1/3 or higher will be a good result.
Risk Rewards: 1/6
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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.