Do we have a BOB?

Good Morning Dynamic Traders

After a couple of days waiting we finally have a BOB!! If you have a look at the day chart below you can see that price has now broken out of the trend line. Yesterday’s bar (Thursday’s) was the bar that broke above the trend line, so now we need to make sure that we are ready to be triggered into a trade.

Although price has broken above the trend, it doesn’t necessarily mean that we take a long trade straight away! One of the best tools in your arsenal maybe the ESLT, what do you think?

With price breaking above the trend line, a long position is on the cards! However I do have a couple of concerns. Although price has beaten the trend line, it still has a RN to beat. The MACD and the RSI are also worrying me slightly, but as I write this update, things seem to be picking up?

What’s your game plan going to be?

Happy Trading

Richard Monnery