DT - LONGAnalysis
1. Stock in a strong uptrend as series of steep rallies and small retracements demonstrate as well as 20p MA » bias is to look for long entries
2. Stock has just broken out of all time highs and retraced the day after to the previous resistance area
3. A bullish engulfing pattern was formed in the last candle. Although the candle's size is not significant, there are now two consecutive candles rejecting price as the lower shadows demonstrate » this can be our entry at a value zone
In short, we are trading with the trend, from a value zone since a stop loss is easily set below these price rejection candles/important support level, and we have an entry trigger.
Trade:
1. Go long on the next candle
2. Sloss 1 ATR below 21st of May candle
3. Take profit at the next swing high
Plsd to hear yr comments
Cheers
RR
