I'm already long from 1.1120 but am looking to see if I can still add to that position. The long is based on a possible shark pattern which has completed earlier today and bullish divergence on the MACD histogram.
The smaller timeframe patterns are drawn to see where I should put my buy order to add to my longs. Based on that I've defined my entry zone around the 1.1115 level. If we don't get there then no problem for me, I only want to add at an ideal level and I'd rather miss the additional entry now then enter at a less ideal level.
My SL level is below the X of the shark @ 1.1080 which has also been an important pivot point for the past weeks/months imo. I have included 1 partial target below the completion of the green patterns in the 5min chart and @ the 23.6% retracement of the CD leg.
My primary target however is @ the 38.2% retracement of CD, no 61.8% target for me for now... ! See my idea on bat (or other patterns) pattern profit taking in the link below.
Komen
KVE
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Full profit booked, I'm out now!!
Some people might want to stay in until the 61.8% retracement is met around 1.1322!
CLOSED TRADE, SUCCESS!!
KVE
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I took profit at TP1!
SL at BE now!
KVE
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Just want to add that the 100MA (brown line) has just crossed below the 200MA, which is a bearish sign.
So it is possible that PA might get resistance from the 100MA as it retraces up. This adds to my 1 target setup at the 38.2% retracement since PA might touch the 100MA around that level (see brown arrow in the chart) and (temporarily?) bounce back down from it (very hard to predict where exactly...).
Some people might want to stay in until the 61.8% retracement is met around 1.1322!
CLOSED TRADE, SUCCESS!!