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UNITED STATES STEEL DL 1UU

UNITED STATES STEEL DL 1

45.790EURD
−0.760−1.63%
As of today at 06:10 GMT
EUR
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USX1 trade ideas

United States Steel Corporation opening high and rising highUnited States Steel Corporation opening high and rising high This chart shows the weekly candle chart of the stocks of American steel companies in the past four years. The graph overlays the bottom to top golden section at the beginning of 2020. As shown in the figure, due to the stimulation of the acquired bullish news, the stocks of American steel companies opened short and high this week, opening high and rising high, directly piercing multiple pressure levels upwards! With the merger trend between traditional heavy industries starting, there will be more and more old industry leaders experiencing similar situations in the future!
NYSE:X
by Think_More
Easy Trend Trade on XPretty straightforward setup that might come up on X. Reason why I like the trade: 1. The asset has a multi-month market structure of printing higher highs and higher lows. 2. It is obeying retracement levels fairly well 3. EMA 50 is acting as support 4. We have a local, naked point of control for support 5. We have a confluence of retracement levels including a local golden channel as well as some macro retracement levels overlapping. 6. Weekly S2 can act as additional support between stop loss and entry albeit depending on how long the retracement takes this could change. This trade idea will be null and void if start printing a new higher highs that will throw off the local retracement. Entry point will be at the confluence of fib retracements with the SL set just below the last higher low. Take profits is highly subjective but my risk assessment profile has me taking some profits at the local GC retracement level (30.61) and then set the stop loss to the entry price to secure a winning trade. TP2 and beyond is subjective and depends on how long you like being in a trade.
NLong
by mrbudershank