Channel Breakout
On September 3rd,
XBI broke out of its previously established, upward-trending channel. This movement was significant, as it marked a departure from the pattern that had been guiding its price action up until that point.
Current Price Action and Potential Setup
Since the breakout,XBI appears to be forming a flat base. This development suggests the possibility of another breakout in the near future, which warrants close monitoring.
Trade Execution and Position Management
I entered this trade on September 2nd, anticipating a breakout. However, the price pulled back by the end of the day. Despite the initial setback, I am considering increasing my position ifXBI decisively breaks out of the flat base.
Risk Management Strategy
To manage risk, I have set my stop just below the upper channel line. This level provides a cushion and would result in a small profit if the stop is triggered quickly.
On September 3rd,
XBI broke out of its previously established, upward-trending channel. This movement was significant, as it marked a departure from the pattern that had been guiding its price action up until that point.Current Price Action and Potential Setup
Since the breakout,
XBI appears to be forming a flat base. This development suggests the possibility of another breakout in the near future, which warrants close monitoring.Trade Execution and Position Management
I entered this trade on September 2nd, anticipating a breakout. However, the price pulled back by the end of the day. Despite the initial setback, I am considering increasing my position if
XBI decisively breaks out of the flat base.Risk Management Strategy
To manage risk, I have set my stop just below the upper channel line. This level provides a cushion and would result in a small profit if the stop is triggered quickly.
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I am under no obligation to post any action or update to any idea.
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I am under no obligation to post any action or update to any idea.
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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.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I am under no obligation to post any action or update to any idea.
Follow me on "X" where I post more content.
I am under no obligation to post any action or update to any idea.
Follow me on "X" where I post more content.
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.