Hello Traders,
I'm taking another stab at going long SBUX at support. Keeping the stop tight since it is the third time price is at the lower band of the range it has been trading in. Why is a third touch at support of concern for me? Because in my experience, price has a higher probability of breaking support on the third touch. So I keep my stop loss orders tight. If it breaks I may take another stab at a long position at $52.00
2 Targets.
1st is at the gap fill $58.78
2nd is at the upper band of the channel in the $61.00 area.
Cheers and good luck. =)
I'm taking another stab at going long SBUX at support. Keeping the stop tight since it is the third time price is at the lower band of the range it has been trading in. Why is a third touch at support of concern for me? Because in my experience, price has a higher probability of breaking support on the third touch. So I keep my stop loss orders tight. If it breaks I may take another stab at a long position at $52.00
2 Targets.
1st is at the gap fill $58.78
2nd is at the upper band of the channel in the $61.00 area.
Cheers and good luck. =)