Yelp - flag pattern, volatility contraction

15 apr 2021

YELP
Yelp's all major timeframes are tempting:

• weekly: it has recently broken long-term resistance. Now it is being tested. If it holds, there is a potential to go much higher.
  
• daily: holds support at around 39.70. Great volume pattern - a pullback on declining volume.
  
• 15m: the volatility is contracting, accumulating energy for the next move. The price sits right on VWAPs from recent highs and lows.
  

If the price breaks the recent high VWAP then my plan is to go long with the SL below Monday's low (12th Apr) - 39.12 - that is 1,5ATR below that low.

15 apr 2021

Trade attivo

entry price triggered

19 apr 2021

Nota

moved the stop below high lower - that is today's first candle (5min) low.

19 apr 2021

Trade chiuso: stop raggiunto

stopped out, took 0.25R loss