LE[J5], Short, Support/Resistance
Entry: 148.50
Stop: 150.60
Target: 143
Risk/Reward Ratio: 2.75
1-month support line that broke with a big move on Friday 2/20. My concerns are that the line is slightly dirty and the structure duration is shorter than what I typically prefer. Thus, I decided to enter it with a tight stop risking far less than 1% of my total capital.
Looking at the weekly chart, it looks like there’s a possible head and shoulders pattern developing, with the neckline starting back in June 2014. If this does develop as such, the target for this current trade will be slightly higher than projected at 145.
JL Nexus 