Technician
Long

(J) Trade 7: Speculating on Trend Resumption #IBEX

FX:ESP35   Ibex 35 Index of Sрanish Listed Shares
2428 27 66
Update: Target Reached without entry Trade Cancelled.
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Trade 7: Pending Long IBEX35 @ 10,800
S.L @ 10590
T1 11,160
T2 11,585

For $29,798.94 Balance, Position size = 0.4 lot (0.2+0.2) .
Risk= 4(position size) x0.8(point value per 0.1 lot)x210(stop loss)=$672 ~ 2.2% of Balance.

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Reasoning
  • Long term trend is up
  • 200 Days SMA forming support
  • Multiple hammer candles at 200-days Average
  • 1.271 extension of recent bullish wave
  • Fundamental factor: Any minor progress on Greece will probably lead to a major rally, as economic conditions improved recently in the euro             area and ECB continues to pump money through QE .

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Technician
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As you can see guys, there is risk to the upside as well. :) Reached target. Ofcourse didnt hit entry.
Reply
Do we have to cancel the position cause Target 1 reached?
Reply
Hi Technician and all the members ,
please don't make much noise , I do believe on Technician , if we look at the the equity risk ratio , I could go uptil 20% of my equity with him (lets say 30 ,000 and risk is 6000 , I will keep staying with him until I didn't hit my risk, If 2 out of 10 trades go fine i will still be on breakeven . I still have a reason to stay with him and that is 20% risk of mine.
I think let him do his best,

I look forward to see more trades from you Technician , As I learn how you look in to market and most intersteg thing for me how you setup the stop loss and thats the point to keep safe your equity.

Cheers
Reply
Hi Technician,
I am using Fxcm -Marketscope Chart. Your 200 SMA is above your Stop Loss.
I see in my Chart far below Stop Loss. Could you Guide Please.
Both Charts enclosed for Reference.

http://i42.photobucket.com/albums/e339/sudersanrao/ESP35-Fxcm_zpskvn6byzh.png
http://i42.photobucket.com/albums/e339/sudersanrao/ESP35-Technician_zpsphpeuyne.png
Reply
I like the first scenario as it is in line with the resistance from the previous 2 tops
Reply
2use 2use
1st base cleared
Reply
Great setup! Thanks for sharing. I was late, I'm hoping we will see a bit more accumulation and retest of the 10650 area so I can get on board! Have a great weekend Tech!
Reply
Until there is an end to the greek drama, I think any trade on European stocks/indices is pure suicide. No one knows what will happen if Greece exits the Eurozone. The risk can't be estimated. Anyone remember the CHF peg?
+1 Reply
Technician TOP vlad.adrian
Dont compare this to the chf peg, its nothing comparable. CHF Pig was an expected event. But in case of Greece, we have deadlines for payments.. So until the real news comes up you can manage your trade.
Reply
yofxtrader PRO Technician
I agree with you Technician. It is not comparable with the CHF peg, but in this case, we have a market that closes and opens everyday, generating gaps that could be huge in case any event occurs regarding Greece.

I wasn't going to take this trade since I don't trade anything but Forex, but in any case, I think the risk could be higher than the one you just calculated.

Anyway, as you already have told several times, these are your trades, and no one should follow you unless he is willing to do it!

Good luck with your trade! I am from Spain and was surprised when I saw your pending trade regarding the Ibex! :)

Thanks again for your excellent job.
+6 Reply
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