I cannot resist this sweet plain vanilla technical set up on the monthly timeframe. A bullish flag has formed and I am licking my chops! The reason is because if price breaks out of this formation then we might get some momentum to the topside. Taking the measurement from the length of the pole the reward could potentially be massive, though it may take a while to playout.
Last week's candle formation (see Weekly Chart) is a Bullish Engulfing candle, which signals that the bulls have taken a stance and made their presence be known. This candle is a confirmation that we have plenty buyers in the market. They have definitely set the tone as what to expect this trade week.
We will face a lot of resistance getting to our long term target of $144.50. All is needed is to monitor and manage trade along the way. Be sure to keep an eye on fundamentals as this can throw off our technical set up. If the trade goes according to plan we may add to our position.
I am interested to go long at price point $119-$119.50. Monday's trade day the low printed was $119.18 before finding buyers that pushed the price back up to the $119.50 region. Seeing that price is still within the range here's what I plan to do:
Long @ 119.50 Stop: Based on my RR Ratio Long Term TP @ $144.50
Last week's candle formation (see Weekly Chart) is a Bullish Engulfing candle, which signals that the bulls have taken a stance and made their presence be known. This candle is a confirmation that we have plenty buyers in the market. They have definitely set the tone as what to expect this trade week.
We will face a lot of resistance getting to our long term target of $144.50. All is needed is to monitor and manage trade along the way. Be sure to keep an eye on fundamentals as this can throw off our technical set up. If the trade goes according to plan we may add to our position.
I am interested to go long at price point $119-$119.50. Monday's trade day the low printed was $119.18 before finding buyers that pushed the price back up to the $119.50 region. Seeing that price is still within the range here's what I plan to do:
Long @ 119.50 Stop: Based on my RR Ratio Long Term TP @ $144.50
Trade active:
Entered long market order at $119.50
Comment:
Adjusted SL to $120 to lock in profits just in case the tide turns. Risk free trade now. I’ll continue to monitor the fundamentals.
Trade closed: stop reached:
Adjusted SL got hit at 120. I walked away with 50 pips after weeks of holding this pair.