Price action trend change in progress with momentum
(Error, there was actually a lack of momentum with the price interval only closing at 38% of the days high (red arrow). This should never have been a buy. I have not reviewed the rest of this trade as it shouldn’t have happened.)
Buy 50 shares at $15.03
Stop loss at $12.38
RSI is 63 and trending upwards
MACD-ML positive @ 0.42163, MACD-MS positive @ 0.0009. Histo @ 0.2154 (tick above 0.2)
MACD-SL positive @ 0.4554, MACD-SS positive @ 0.3442. Histo @ 0.1112 (tick Line above signal and positive)
MACD-IL positive @ 1.7963, MACD-IS positive @ 1.6711. Histo @ 0.1252 (tick Line above signal and positive)
New pivot high confirmed at $15.45 which also confirms the uptrend.
Price tested the EMA6.
Monitor to see if a price action trend change comes into play.
New pivot low confirmed at $13.75
Move stop loss to $13.55
Leave stop loss at $13.55
Stock trying to break out of symmetrical triangle.
Productive close, continue to watch.
Maintain stop at $13.55.
$13.75 level tested and held.
Maintain current stop and watch for breakout/down.
Price action appears to have broken above an asymmetrical triangle pattern.
Trade Closed : Closed at a loss of $80.55
Trade should never have taken place. I need to improve my rational analysis and focus on protecting my money as opposed to making higher risk trades in the hope of making some profit.