Friday, April 27, 2012

New Long Position ICP:LSE

I have taken a new long position on ICP:LSE.   The price action has formed an asymmetrical triangle with  the completion point of an AB=CD pattern coinciding with the lower trendline.
You can also see  that there is a momentum step on the stochatsic indicator.....which I take to be an indication of a positive change in momentum.    The MACD, which I also use as a momentum indicator is supporting a move higher.
My stop is just underneath the lower trend line giving me a very tight stop and the opportunity for a good R:RR return.   I shall move my stop to break even if the opportunity presents itself.

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