On H4,
1. A key resistance level. coinciding with 61.8 Fibonacci retracement.
2. MA (50) being tested as a resistance
3. Mini-divergence on Stochastic
On H1
1. A three touch mini-divergence on %D of the stochastic
Moreover, it can be seen that it's the first retrace in the trend, 2 more waves in the trend to go. Early in the trend so a greater reward:risk ratio.
Targets 1 and 2 as shown in the chart, will trail for the 3rd target. Stop goes 1 pip+spread above the latest high.
Thanks for reading. Happy Trading
1. A key resistance level. coinciding with 61.8 Fibonacci retracement.
2. MA (50) being tested as a resistance
3. Mini-divergence on Stochastic
On H1
1. A three touch mini-divergence on %D of the stochastic
Moreover, it can be seen that it's the first retrace in the trend, 2 more waves in the trend to go. Early in the trend so a greater reward:risk ratio.
Targets 1 and 2 as shown in the chart, will trail for the 3rd target. Stop goes 1 pip+spread above the latest high.
Thanks for reading. Happy Trading
Comment:
80 pips in profit. Moved SL to breakeven
Trade active:
Target 1 achieved. Will take of 1/3rd of the position off with profit
Trade active:
Will close all open positions if the price fails to create a new lower low
Trade active:
Target 2 reached. Closing off another 1/3rd of the initial position. 1/3rd position still open. Will trail this one
Trade closed: target reached:
Will close all positions.
price covered 325 pips at the risk of 112pips
price covered 325 pips at the risk of 112pips