Last Week I bought QAN @ 3.37, and everything was looking good for a couple of days.
My partial exit strategy was to exit at the Weekly highs @ 3.73 and run an open position into the Quarterly 50% levels @ 3.87
I factored two bullish scenarios since my BUY....
A:- push up into @ 3.73, exit 50% position, and then re-buy the same 50% position at the Weekly 50% level @ 3.53 and hold for a move higher.(5-10 days time)
B:- price was going to move down into the Weekly 50% level @ 3.53 early this week, and then bounce up into 3.73 and continue upwards in 10 days time.
However Wednesday hasn't been able to remain above 3.53 and the Weekly 50% level.
Even though I'm still in the money on today's close @3.42, the price action of breaking the Weekly 50% level isn't a good sign.
Therefore strategy has changed to 50% exit my longs on stop @ 3.32 -5 cents (below last weeks lows) and hold an open position on remaining.
SPI This week has pushed up into the Weekly highs and now reversing back down towards the MAY 50% level, as per Weekly report.
US markets are forming 'Dilernia Drops' in the forward Weekly timeframes, which suggests a lower Weekly close by Friday, and probably follow the Weekly Report of a rotation back into the May 50% levels (Weekly report).
This normally occurs on either Thursday or Friday, which gives me another reason to run stops on Qantas, and look to re-enter later.
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