Hello beautiful humans,
Found a 50% retracement level for Corus Entertainment at a price of 4.88; from the low on December 17, 2021 at a price of 4.34, to the high on January 14, 2022 at a price of 5.42.
Why a 50% retracement one may ask; a great question that I won't pretend to explain, however, using an Ichimoku cloud has a tendency to indicate a 50% retracement level, specifically by looking at the orange line (leading span B). A great learning provider and content creator on Trading View to help shed more light on this topic is norok (link provided in related ideas).
Managing risk by risking 1% of the account size (eg. account size: $1000; risk of 1%: $10)
Placing stop loss / stop limit loss at 4.74; looked back to the candle on February 24, 2022 that had a low of 4.75, in conjunction with being at the 61.8% retracement of 4.75, so the stop is set just below.
To make this trade worth while in the risk:reward realm, looking for the price to bounce off the 50% retracement level (4.88), which held and closed above on March 24, 2022, and head on up to the 5.30 price level, which provides a risk:reward of 1:3.
Friendly Remembering:
Manage your risk
Have a strategy so we're not overthinking
Practice patience
Be patience
Otherwise, enjoy.
Found a 50% retracement level for Corus Entertainment at a price of 4.88; from the low on December 17, 2021 at a price of 4.34, to the high on January 14, 2022 at a price of 5.42.
Why a 50% retracement one may ask; a great question that I won't pretend to explain, however, using an Ichimoku cloud has a tendency to indicate a 50% retracement level, specifically by looking at the orange line (leading span B). A great learning provider and content creator on Trading View to help shed more light on this topic is norok (link provided in related ideas).
Managing risk by risking 1% of the account size (eg. account size: $1000; risk of 1%: $10)
Placing stop loss / stop limit loss at 4.74; looked back to the candle on February 24, 2022 that had a low of 4.75, in conjunction with being at the 61.8% retracement of 4.75, so the stop is set just below.
To make this trade worth while in the risk:reward realm, looking for the price to bounce off the 50% retracement level (4.88), which held and closed above on March 24, 2022, and head on up to the 5.30 price level, which provides a risk:reward of 1:3.
Friendly Remembering:
Manage your risk
Have a strategy so we're not overthinking
Practice patience
Be patience
Otherwise, enjoy.
Friendly remembering:
Manage risk; learn from the experience; another opportunity will present itself.