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Trade Setup #3, 24/10/2019

FUEL has had a great run up recently and it has retraced all the way down to the support line and if there is a bounce then that would be a buy signal.

At this stage on the 4 HR chart the RSI is still not too high and this could indicate that there is still room to move to the upside.

This is referred to as buying the retest and is the safest way of trading the breakout because the breakout has occurred then you have a retrace and retest of the support line, and then if the retest is good and there is a bounce then that is extra confirmation that there is an upside to be had.

A buy on the bounce of a retest is the least risky but is also usually the least profitable way to trade.

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