Ravi2409

Nice Trade Setup on AFG - 3:1 Risk Reward

Long
ASX:AFG   AUSTRALIAN FINANCE GROUP LTD
Setup pretty much speaks for itself but the trade idea is from a technical standing- price has come back into an area of value (Trendline Support) and we have an entry signal from today's daily close printing a bullish engulfing candle, for me this is a valid place to go long at the next session open.

This setup provides us with a 3:1 risk reward ratio which makes it an attractive place to go long in my opinion.

My trade plan for this one will be to go long on the next candle open, with a take partial profit at 2.80 (into minor resistance) at which point I will then move my stop loss to breakeven and aim for the next take profit level at 3.10.

Not meant to be financial advice, do your own research, just my opinion of a good trade setup.