After a failed breakout and a pullback, oversold conditions may prompt this reversal. A long-legged Doji on the daily is further indicator of this. Fib levels drawn from recent highs to lows provide support and resistance levels, additional stop loss could be set to previous day's lows or percentage based on your risk level. Ideal entry would be retest of the entry fib as it may gap up over it.
Kommentera:
SE has had a few opportunities and short of a close above the entry point is unlikely to reach it in the next few days on market weakness. Retest of the near-term support at a market bottom with reversal confirmation may make a nice entry.
Kommentera:
Right after I look away, crosses thru the entry and finds resistance right at the marked fib. Based on the reversal candle shown today and persistent oversold conditions, this should continue to move up. Updating idea.