Trading Fam,
I’ve received two more clear buy signals from my indicator recently. Here on SHAK we were given our signal about a week ago. I didn’t wait for to break that descending trendline on this one, so it may be a tad bit more risky than had I waited for that breakout. However, I have full confidence in my indicator as it has a knack of predicting breakouts before they occur. I don’t doubt this will be the same.
Here is what I am looking at:
1) Buy signal given by my indicator and confirmed with good volume.
2) We are about to break to the upside of that descending trendline. Once we do, we should be able to climb up to that red 200 SMA (my target) for a touch.
3) There will be some resistance before we get to my healthy 25% profit target: the descending TL, the 50 SMA, and the VRVP PoC.
This trade comes in at a 1:2 rrr with a target of $102+ and a SL of 71.75.
✌️Stew