Updating on 12/8
This had been pushing up pretty strong over the last month, had a bit of a pullback, but was again on it’s 2nd up-day above the area prior to the pullback. Looking at the 3 min. chart, price made a nice up-move at the open, then had a bit of a pullback (with, admittedly, a fair amount of chop). During this pullback, I set entry orders to trigger if price pushed back through those highs; which it did shortly.
Entry – $19.17
Exit – $19.27
Fairly quickly, price made it to 1R, where I was able to move my stop to break even, and it continued up from there. I followed my stop along the SAR as price moved in my favor, and if I remember correctly, I got a bit more aggressive (following the SAR on the 1min. chart) as it approached my target. Eventually, price did pull back enough to stop me out, but for a decent profit!
Looking at the chart today, I can’t say that it’s the clearest or cleanest pullback/retest in the world, but price looked strong, so I took a shot. I’m happy with the trade, and happy with the result, but I think at the end of the day, I want to look for cleaner setups. I’m happy about this one, though.