SSRM broke out of a 4 month base in December and has been in a pullback for the past 2 weeks. I've been watching SSRM to go long on this pullback and the trade setup finally triggered. SSRM had pulled back into a key area of support - the previous breakout area and the 38.2% Fibonacci retracement level. Furthermore, a bounce at this area would be considered a 21EMA pivot. SSRM also has a clear downtrend on the 30m timeframe therefore my gameplan was to get long when the trend reverses with higher highs and higher lows signaling a bullish trend. I went long SSRM at 17.97 with a stop loss below today's low at 17.55. My target on the trade is 19.25. I plan to take partial profits when the 30m bullish trend terminates.
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30m Timeframe
Operación cerrada: precio stop alcanzado
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Stopped out SSRM 17.55. Stop loss was a bit too tight and took a hit. Noticed SSRM is bouncing off the key trendline now. I could get back in later.
Operación activa
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Got back in. SSRM consolidated on the 30m and broke out once more. Signs of strength in this bounce.
SSRM has formed an interesting bullish channel. Obvious stop loss will be at the break of this channel. SSRM is being a slow mover... but still working.
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I've been in this trade for awhile now and SSRM finally got some upside momentum last Friday and today. Moved up stop to 17.90 below the 30m timeframe higher low.
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Stopped out SSRM at breakeven. SSRM whipped back below the lower channel trendline and got stopped out. Time to move on from this trade.