After an exciting day getting back to my last starting point, nice profits has been realized as well as losses due to the fact that we became comfortable with strong resistance. I did not foresee such a big drop will occur, but these are things that we need to be ready for in any event.
Based on the current market standing my trades for the coming week is as follows:
1. The market will show a recovery either tonight or Monday morning to 137.641. I will only place my trade on Monday. If there are enough space to drop to 137.641, I will sell and take my profit around that point.
2. If the market do not drop below the current point i will buy with the intend to take profit at point 139.393
3. When the market open a new candle above 139.393, i will add a new buy and take profit at 139.841
4. After 139.841 i will target 140.845 and there after re-look at the next opportunity in the market.
With the above said, i will always look for a quick drop to the previous to take a small short as the market never moves in a straight line. As the market progress during the week i will update my targets and entry points as time progress.
point 2. Not applicable due to price dropping this morning.
Point 3. I am targeting 139.841, but know there is a possibility for the market to recreate an old resistance on the way to 139.841.
1. place a trade now at market execution and take profit at 138.178
2. Monitor for new candle to open above 138.178 and take profit at 139.000
3. point one will have a stop loss and if a new candle opens below 137.625 i will sell and take profit 30pips below.