I noticed a possible triangle in BHP in the daily and weekly charts.
I have a bullish view for BHP presently so was not looking for a short, and I think the drying up of movement and volume could point to a quick expansion when it comes.
I watched two bounces intra-day off the support so entered at 21.54. This parcel size is 2x the first size and has a tight stop not far under the support, the first trade stop was moved so that the combined two parcels will be stopped at break even, so a decent risk reward scenario in my view. Could be a feather duster play though if BHP isn't stopped and gaps down on Monday, also likely to be stopped out rather quickly today as well. Time will tell.
Not sure how many rules I'm breaking by buying at the bottom of the triangle either.
Questions: Would an option play (Straddle?) be a wiser move here looking for a range expansion?
*** Just my reading of the tea leaves and NOT and invitation to trade for anyone but myself ***