ZKIN has been running in a tight bull trend channel with several ultra high volume days which broke out of the channel. The pattern always returns back into and bounces off of the bottom of channel . On 28 Dec ZKIN was up in the pre-market with strong volume, LETTING THE PATTERN PLAY OUT. ZKIN returned back into the channel, with a double bottom on the 30min chart. I made entry as a swing trade.
Day 2 is when it retested the bottom of the channel with very little volume making small gains throughout the day.
Day 3 was another high volume day breaking out of the range. The top of the range has now become support.
Day 4 pre-market was another high volume day, the morning open on the 5min chart showed strong buying which moved the price up in the morning session topping off and rolling over where I exited the trade.
I will continue to watch, by mid day the price has broken through the top of the channel again. If support does not hold, I will re-enter the trade when it test the bottom of the channel.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-12-28 09:57:32 | ZKIN | buy | $2.340 | long |
2020-12-28 10:10:56 | ZKIN | buy | $2.350 | long |
2020-12-31 10:23:14 | ZKIN | sell | $2.830 | long |
2020-12-31 10:23:33 | ZKIN | sell | $2.830 | 0 |
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