Trading a reversal off the strong monthly support and resistance level of 0.77000 and the 100 day EMA to the next strong monthly support and resistance level of 0.75000. This area has shown significant consolidation over the past few months as buyers and sellers establish an equilibrium. Be wary of a potential breakout, higher high and close above the 0.77000 level to invalidate this trade setup.
Place stop a few pips above the previous high around 0.78000.
Place take profit just before 0.75000.
Remember to have a strict risk management plan guys and trade safe. This is a 1:1 risk/reward trade for 1-5% of your trading account (depending on how conservative you want to be)
Place stop a few pips above the previous high around 0.78000.
Place take profit just before 0.75000.
Remember to have a strict risk management plan guys and trade safe. This is a 1:1 risk/reward trade for 1-5% of your trading account (depending on how conservative you want to be)
Comment:
Trade still valid and this week's candle has shown a clear rejection of the 0.77000 level. Continue to hold short.
Comment:
So it's taken a little longer than anticipated but this trade is back on track. Bulls have attempted to trend above .77000, to no avail. The force is strong with this one (it's plotted from the monthly chart.) Another week and this one should hit TP for 150 pips.
Comment:
Approaching profit target
Trade closed: target reached:
That's it folks, profit target reached. It took a long time, but patience is the name of the game.
