ROLEX RINGS - VCP formation (IPO base)

5 Oca 2022

The tape has formed an IPO base.
Volume dries up as price compresses.
Tape is drifting sideways around 21 EMA.
Inside candles.
Pivot buy at 1194
SL below mother candle low @1130

Entering half qualtities at CMP 1170; rest half at buy-stop price of 1194 as having conviction that price will breakout from pivot, will exit if mother candle low is broken.

Publishing for my own reference.
Not an investment/trading advice.

5 Oca 2022

İşlem aktif

Entered remaining quantities at 1185.
Smashed through the pivot.
Strong closing.

10 Oca 2022

İşlem aktif

Sold 1/3 at 3R.
SL moved to breakeven.

18 Oca 2022

İşlem elle kapatılmış

Sold the rest at 1R.
Total 2RR achieved in this trade.
Has broken the recent swing and 10 EMA
Small cap index is showing weakness.
Protecting gains.