@Riijkard
Re PSY, you will see in the chart below that it formed a dominant bullish candle on heavy volume on Jan 5 (circled) and has since traded within the range of this candle on decreasing volume. This is a classic continuation pattern with a very high probability of breaking out in the direction of the initial bullish candle (ie. up) on volume any day now. Given how narrow yesterday's candle was - I think it might even move today.
It's also a really easy setup risk management wise - as you can set your stop loss just under the low of the dominant Jan 5 candle (if it breaks to the downside, the setup has failed).
Hope that helps.
![]()
- Forums
- ASX - Day Trading
- Daytraders After Market Lounge 14th Jan
Daytraders After Market Lounge 14th Jan, page-54
-
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)