AMP - 3 Trade Ideas...
AMP is approaching a level where we can either reject or breakout. If we do reject this level, the -0.27 fibonacci level would be next best place to look for buys. There's 3 ways you can trade this.
1. Breakout trade. Once price breaks the descending trendline, enter with stops below the lows
2. Short rejection trade. If price rejects the descending trendline and structure, enter shorts with stops just above the recent highs and target the -0.27 fibonacci level
3. Long term trade. If price comes back down to the -0.27 fibonacci level, enter with stops below the lows and hold your positions until all time highs.
Let us know what you think. Goodluck!
1. Breakout trade. Once price breaks the descending trendline, enter with stops below the lows
2. Short rejection trade. If price rejects the descending trendline and structure, enter shorts with stops just above the recent highs and target the -0.27 fibonacci level
3. Long term trade. If price comes back down to the -0.27 fibonacci level, enter with stops below the lows and hold your positions until all time highs.
Let us know what you think. Goodluck!
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