I entered a long position in 
LX based on some nice patterns I've been stalking for the past 2 days. LX recently made a new 8 month high and pulled back into the 14.50 support area. For the past 3 days LX has been consolidating right above this area of support with 3 inside candles in a row on the daily chart. On the 30m chart, LX developed a coiled spring pattern which is indication of explosive volatility in the near future. Due to these multiple patterns stacking upon each other, I entered a long position at 14.97 after LX held the 14.50 area a third time on the 30m chart. My stop loss is at 14.48 with a target at 17.
The overall macro conditions of the market at the time of the trade looked good. The Iran War fears were fading and
SPY was making new all time highs continuing the bullish trend. However, market conditions are still volatile and I will keep a close eye on macro conditions if early exits to protect capital are warranted.
LX based on some nice patterns I've been stalking for the past 2 days. LX recently made a new 8 month high and pulled back into the 14.50 support area. For the past 3 days LX has been consolidating right above this area of support with 3 inside candles in a row on the daily chart. On the 30m chart, LX developed a coiled spring pattern which is indication of explosive volatility in the near future. Due to these multiple patterns stacking upon each other, I entered a long position at 14.97 after LX held the 14.50 area a third time on the 30m chart. My stop loss is at 14.48 with a target at 17.The overall macro conditions of the market at the time of the trade looked good. The Iran War fears were fading and
SPY was making new all time highs continuing the bullish trend. However, market conditions are still volatile and I will keep a close eye on macro conditions if early exits to protect capital are warranted. Note
Took profits and moved stop to breakeven. LX had a nice breakout today however is pulling back intraday and is looking to print a high volume shooting star. This VPA signal is usually a bearish one and is part of my rules as a reason to sell. Going to give this one another day to see if LX can hold 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.