Trend trade on FTI(not FTX, lol).
Why I like this idea:
1. Strong, healthy bullish market structure(higher highs, lower lows for months)
2. Well defined channel
3. 50 EMA is acting as support
5. Local fixed range volume area as support
6. Local fixed range volume POC as support
7. A confluence of fib levels such as GC, 382 and 236.
Entry price is at local GC(14.16) and stop loss is just below last higher low(12.90). Take profit one around 15.35 and take profit 2 around 16.97. TP2 is based on a negative fib retracement level as well as the psychological 17.00. Take profits are more subjective but make sure you take some profits and protect from losses. I prefer to move stop loss up to entry price after take profit 1.
Why I like this idea:
1. Strong, healthy bullish market structure(higher highs, lower lows for months)
2. Well defined channel
3. 50 EMA is acting as support
5. Local fixed range volume area as support
6. Local fixed range volume POC as support
7. A confluence of fib levels such as GC, 382 and 236.
Entry price is at local GC(14.16) and stop loss is just below last higher low(12.90). Take profit one around 15.35 and take profit 2 around 16.97. TP2 is based on a negative fib retracement level as well as the psychological 17.00. Take profits are more subjective but make sure you take some profits and protect from losses. I prefer to move stop loss up to entry price after take profit 1.