Entry conditions:
(i) lower share price for
TLX below the level of the potential outside week noted on 2nd June (i.e.: below the level of $24.91).
Stop loss for the trade would be:
(i) above the high of the outside week on 5th June (i.e.: above $27.40), should the trade activate.
Important note for the trade:
- Observe market reaction at two key areas illustrated in the chart above, should the trade activate ($24.79 and $24.47), which could act as support against the short trade.
(i) lower share price for
Stop loss for the trade would be:
(i) above the high of the outside week on 5th June (i.e.: above $27.40), should the trade activate.
Important note for the trade:
- Observe market reaction at two key areas illustrated in the chart above, should the trade activate ($24.79 and $24.47), which could act as support against the short trade.
Trade active
UPDATE (week ending 13-Jun): We'll list this as a 'cautious activation' since a share price lower than the activation point occurred, however as also stated in the entry conditions above, it appears as though the levels of $24.79 and $24.47 may be potentially interfering with the trade and acting as support. Watch and observe with caution, especially for any trader who may have taken a short position here. In the event of a sharp reversal, consider tightening stops to a level above a previous resistance level such as $26.46 from the open of 28th May.Note
UPDATE (week ending 20-Jun): The 'cautious activation' continues as the share price whilst the daily chart shows indecision with formation of a higher high even though the share price closed below declining 10 and 30 day MA's at the end of the trading week. Interesting to note that the tightened stop above the previous resistance level of $26.46 currently remains intact whilst the support levels of $24.79 and $24.47 remain stubborn.Note
UPDATE (week ending 27-Jun): Respect of the declining 10 day MA continued throughout the week, with the share price closing below both support levels of interest at the end of the trading week. The charts are suggesting a lowering of the stop loss to a level above a recent swing high formed on 19th June (i.e.: slightly above $26.09) in order to minimise risk compared to the initial risk taken when initiating the trade.Note
UPDATE (week ending 04-Jul): Respect of the declining 10 day MA continued throughout the week, with the share price closing below both support levels of interest at the end of the trading week. The charts are suggesting a lowering of the stop loss to a level above a recent swing high formed on 27th June (i.e.: slightly above $25.27) in order to minimise risk compared to the initial risk taken when initiating the trade.Detailed commentary/updates about trades (stocks, crypto & bonds) available:
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
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youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
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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.
Detailed commentary/updates about trades (stocks, crypto & bonds) available:
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
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.