BTFD Anyone?

Do I smell a BTFD trade developing? Buy the fucking dip has been a real winner for the last 3 months and my hope for a dip seems to be coming to fruition. The insane risk of buying a move like the one of the last 2 weeks has been greatly reduced. Although reduced, we could wait a bit longer for an even better risk profile. The uptrend is still valid all the way down to the last swing low of 17.64. The Elder impulse chart is painting the 2nd blue bar in a row and is still signaling exit from long trades. Another down day or an acceleration downward at the close will paint the bar red, indicating both the MACD histogram and 13 day exponential moving average (EMA) are taking on a negative slope. This would normally call for a short trade but is ignored because the price is above the 65 day EMA. Stochastic has lost embedded status (3 days consecutive days above 80) and targets the nearest moving average simple moving average, in this case the 20 day MA (dotted gray) currently at 19.04. The previous swing high is providing support at 19.11. The Fibonacci  38.2% line is at 18.66 and is providing natural support. The green trend line intersects all the above around 19.00. So, I think the area between 19.11 and 18.66 provides an excellent entry point with a stop just under the swing low of 17.64. I have a buy order in just above there at 19.13.

BTFD!

via PSLV – Daily Elder Impulse System.

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