XYL Multiple Levels of Support

26 Jun

Also on my morning Spike scanner came up XYL (see below for the spike on the 30m timeframe).

I especially like this Support level as it has many matching components:

• 50% Retracement Level. My bread and butter. The most important Retracement Level.
  
• Volume Profile node. Not the POC but a key level of price and volume here.
  
• Ichimoku Cloud. A long flat SKB with the Lagging Span far away from crossing into bearish territory.
  

This is the Spike that triggered me to look and find price acting such a way at Support:


The take profit target is easy to find; the POC on the Volume Profile for the bullish trend. The stop is between the current VP node and the next significant one (which could be next support but no reason to take that much risk).

1 Jul

Dagangan ditutup: hentian tercapai

Stopped out this morning. Next levels of support below could still hold and the bullish trend would not be officially over but I am not keen to hold the position for such drawdown. Best to find other opportunities.