Weekly chart shows a penetration of the down trendline.
Weekly Impulse only allows to go long in the daily time-frame.
Daily chart shows the breakout from the down trend with a rising window.
GMMA short-term group is expanding and rising.
GMMA short-term group is above and separated from the long-term group.
However, GMMA long-term group is not expanding quickly.
This is not a trend trade. This is a breakout / bottom-fishing trade.
Outcome:
6 Feb: Opened LONG at $33.24
19 Mar: Closed LONG at $36.80
Reason for closing: Anticipate strong resistance around $36.60 which has acted as both support and resistance during 2010.
Profit $3.56, 10.7%
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