This trade is not for the fainted hearted! Buying on a strong down day is almost suicidal.. although less so if it's a "calculated" risk backed by technicals. Hence this is more for technical discussion and not an "inducement to trade". :)
SE plunged to 50% fib retracement of the recent swing up, a nearly 14% drop all in 2 days! However as soon as it tested this level, it started to rebound forming a bullish pinbar on the hourly. Long @ 103.5 with an initial Stop @ 100.40 (just below pin bar's low), trail stops up if trades goes our way and expect to retest the recent high. Let's see if it works out.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
SE plunged to 50% fib retracement of the recent swing up, a nearly 14% drop all in 2 days! However as soon as it tested this level, it started to rebound forming a bullish pinbar on the hourly. Long @ 103.5 with an initial Stop @ 100.40 (just below pin bar's low), trail stops up if trades goes our way and expect to retest the recent high. Let's see if it works out.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.