CRSP was on a roll since it broke out of consolidation range (>112) on Nov 27. It started to form a bull pennant for the past week giving late comers an opportunity to stake.
There are 2 possible entries we can consider. The traditional way is to enter upon the break up of the bull pennant (this way the trade will almost always go our way). However, I do not mind entering at the lower end of the pennant (could mean longer wait before we see a good move).
Either way, I would still place a stop loss abt $1 below the pennant low of 138. Trail it upwards once we have a reasonable profit.
We do not know how high it can go eventually hence trail your stops upward (giving enough room to swing) or take partial profits along the way up.
There are 2 possible entries we can consider. The traditional way is to enter upon the break up of the bull pennant (this way the trade will almost always go our way). However, I do not mind entering at the lower end of the pennant (could mean longer wait before we see a good move).
Either way, I would still place a stop loss abt $1 below the pennant low of 138. Trail it upwards once we have a reasonable profit.
We do not know how high it can go eventually hence trail your stops upward (giving enough room to swing) or take partial profits along the way up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.