Thankfully I clocked out of my RUNE trade (not my long-term bag) at $10.35 last week, which at first was not fun as price zoomed above $11.
However, the blow off candle came a day later and the pullback commenced following the sick run RUNE had from the $5 area.
When do jump back in then became the question. Any support levels seemed so far away that I decided to use FIB levels based off that last move.
Buying the dip...
Looking at the chart above you can see we got nearly a 2/3rds retracement with today's spike lower. Ideally today's candle is a reversal low and price is about to pivot to the upside.
Otherwise, it isn't very bullish when a move retraces past the 50% Fib level usually.
With that said my entry was just above that level at 8.05 and is about breakeven as I type this given today's intraday bounce.
I don't think I will add to it unless I see $7, which preferably never happens.
Posted Using InLeo Alpha