Trade (1)
Entry Type : Market Sell @ CMP 0.68925
Stop Loss : 0.69650
Take Profit : 0.65600
R/R : 4.76
R/R % : .5% / 2.38%
Trade (2)
Entry Type : Limit Sell @ .69250
Stop Loss : 0.69650
Take Profit : 0.65600
R/R : 9.12
R/R % : .5% / 4.56%
Technical Analysis:
Price Action has double bottomed on the daily time frame and has now has a bullish push. I believe the bullish push to be over as we can see price action has rejected the 61.8 Fibonacci level for three days with a very strong pull back in the last daily close. My stop loss is placed above the 71.0 Fibonacci level which coincides with a minor support turned resistance. My take profit level is placed slightly above the -27.2 Fibonacci extension. Both trades outlined have the required criteria for my trade rules to enter the position.
Entry Type : Market Sell @ CMP 0.68925
Stop Loss : 0.69650
Take Profit : 0.65600
R/R : 4.76
R/R % : .5% / 2.38%
Trade (2)
Entry Type : Limit Sell @ .69250
Stop Loss : 0.69650
Take Profit : 0.65600
R/R : 9.12
R/R % : .5% / 4.56%
Technical Analysis:
Price Action has double bottomed on the daily time frame and has now has a bullish push. I believe the bullish push to be over as we can see price action has rejected the 61.8 Fibonacci level for three days with a very strong pull back in the last daily close. My stop loss is placed above the 71.0 Fibonacci level which coincides with a minor support turned resistance. My take profit level is placed slightly above the -27.2 Fibonacci extension. Both trades outlined have the required criteria for my trade rules to enter the position.
Trade active:
Trade (1) Market Short Entered @ 0.68889
Hedge Long Entered @069000 with .06% loss total (11.1pips) if I need to close out the market short and the long as well as cancel the pending order if price action isn't reacting how I predicted.
If the hedge doesn't actual need to be used then it will simply be cancelled at SL .68800 and will be made up by the profits of the market trade.
I also reduced the pending order by .25% risk to allow more room in my portfolio.
Hedge Long Entered @069000 with .06% loss total (11.1pips) if I need to close out the market short and the long as well as cancel the pending order if price action isn't reacting how I predicted.
If the hedge doesn't actual need to be used then it will simply be cancelled at SL .68800 and will be made up by the profits of the market trade.
I also reduced the pending order by .25% risk to allow more room in my portfolio.
Trade active:
Trade (1) has had SL moved to BE and is running nicely in profit.