VLO Long

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  • #8624
    mewh@btinternet.com
    Participant

    We have a bullish pinbar reversal at the 1.618 fib of an ABCD pattern.
    See attached screen shot

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    #8628
    Rob
    Participant

    Hi Mark, nice observation! The first higher low is always the bravest call yet the one which typically affords the best level of acceleration if it plays out. You’ve taken an ABCD retracement to call your buy trade at the “B” completion point – but where’s your target? Are you anticipating a bigger ABCD pattern within which your pin-bar buy is at the “B” point… or a Fibonacci retracement level?

    See attached.

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    #8672
    mewh@btinternet.com
    Participant

    I took a conservative P1 target at a 1:1 of the pin bar and scaled out half position then trailed stop every 2nd green bar.
    Got stopped out for a nice P2 on the 22nd. Price appears to have found soft resistance around 88.00

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