The buy set up, I outlined in my post on 15th Feb was triggered into.
I’ve posted some notes on initial stop loss levels and profit objectives on the chart below
This initial stop loss is just behind the most recent trend trough. Traders will often build rules into trend following strategies to move the stop up if the trade develops. I’ll post an update if the trade gets this far.
The first profit objective is simply the half way point between X and B. This gets some skin off the table if the uptrend fails before taking out the resistance at X
The 2nd objective is a Fib cluster consisting of a 78.6% retracement of the downswing from 3 to 4 and 127% of the distance from X to C measured from C.