I kept my stop where I set it yesterday at 544. Today's low was 545 1/4. Very close but didn't take me out. The daily candle closed red and near the bottom (bearish), but not under the 3ema (bullish).
Its normal after this big move and hitting the 27.2% Fib extension, AB=CD projection, and a channel trend line, with high stochastics, that there'd be some profit taking and a pull back. But I keep more of the paper profits on this pull back than the last one.
We might be going down to test the 8ema or fill that little gap at about 533-535, or further. So even though I still we're going higher, I'd rather capture some profits and sit out the dip looking to get back in than ride it down to a close below the 8ema, which is my normal exit.
I added 2 parallel upward sloping white trend lines by drawing the first one connecting the lows then copying it and positioning it at the highs. Its always amazing when they line up so well like this. Now you can see yesterday's high stopped right on it.
So bottom line, I'm going to leave my stop where it is and see what happens tomorrow.
No comments:
Post a Comment