We always wait patient for the trade to come to us rather than chasing the trade.
Previously on Part 3, we missed the trade by a thin margin of 2.25 points.
The market bounced back up and retrace back down.
Luckily it presented an opportunity for us to enter the trade.
The Profit target #2 is identical to Part 3 Profit target #2 as price action did not reach to that area previously. (2718.00)
The entry of 2588.50 is based on the previous day close of the 200 SMA
Stop loss is 2 ATR from the entry.
Profit target #1 is 2 ATR from the entry, giving you a reward to risk ratio of 1:1.
Trading Plan:
1. Set Stop loss (2482.00)
2. Sell half at Profit target #1(2695.00)
3. Once Profit target #1 hit, shift stop loss to 1 ATR above your entry. (2641.75)
4. Sell the remaining half at the resistance.
closing of the red candle on 21 March 2018 (2718.00)
Previously on Part 3, we missed the trade by a thin margin of 2.25 points.
The market bounced back up and retrace back down.
Luckily it presented an opportunity for us to enter the trade.
The Profit target #2 is identical to Part 3 Profit target #2 as price action did not reach to that area previously. (2718.00)
The entry of 2588.50 is based on the previous day close of the 200 SMA
Stop loss is 2 ATR from the entry.
Profit target #1 is 2 ATR from the entry, giving you a reward to risk ratio of 1:1.
Trading Plan:
1. Set Stop loss (2482.00)
2. Sell half at Profit target #1(2695.00)
3. Once Profit target #1 hit, shift stop loss to 1 ATR above your entry. (2641.75)
4. Sell the remaining half at the resistance.
closing of the red candle on 21 March 2018 (2718.00)