Classical intermarket technical analysis tells me it's getting riskier and riskier to go long on stocks. Special mention to the 10y treasury yields and commodities bullish sentiment.
Turns out I'm not here to pay attention to intermarket technical analysis but to follow autistically my system and the foll set up just presented itself.
1. Stock in an uptrend trading above 50 and 200MA - long bias
2. Price trading near value zone, our 50 MA - Wedge low.
3. Trigger is the massive bullish candle breaking out the 97day wedge pattern as limited by the blue trend lines.
Context is also promising: strong bullish rally in November 2020, with few bearish pressure/interest since its completion. This formed a nice wedge with low volatility - small candles, with low volume just before this breakout.
Trade and risk management as per my usual system, available in my blog easy-trades.blogspot.com/
Feedback always appreciated.
Cheers,
RR
Turns out I'm not here to pay attention to intermarket technical analysis but to follow autistically my system and the foll set up just presented itself.
1. Stock in an uptrend trading above 50 and 200MA - long bias
2. Price trading near value zone, our 50 MA - Wedge low.
3. Trigger is the massive bullish candle breaking out the 97day wedge pattern as limited by the blue trend lines.
Context is also promising: strong bullish rally in November 2020, with few bearish pressure/interest since its completion. This formed a nice wedge with low volatility - small candles, with low volume just before this breakout.
Trade and risk management as per my usual system, available in my blog easy-trades.blogspot.com/
Feedback always appreciated.
Cheers,
RR