Entry at 1.26169
TP1 at 1.27001 | Risk/Reward Ratio (RRR) = (1 : 2.4)
TP2 at 1.27271 | RRR (1 : 3.2)
SL at 1.25871
We now have a completed Bullish Butterfly pattern at around a major support area. I would recommend entry upon exceeding the previous low with 1st take profit level at the 50% retracement level of impulse move CD and 2nd take profit level at 61.8% retracement level.
Reason for TP1: We have three historical price action as highlighted by the yellow circles. I also assume that the 200 SMA will cross the same 50% retracement level.
Reason for TP2: We have multiple price action (2 consolidation areas and 2 dips) on the same level as highlighted by two circles and two rectangles. The daily bearish trendline also interesects the 61.8% retracement level.
I predict that if price holds the break of the Daily Bearish trendline, it will hit the 76.8% retracement and finally the double top area.
If things really go well, we can hold positions 'til they reach 78.6% retracement and up to the double top area.
Let me know your thoughts!
TP1 at 1.27001 | Risk/Reward Ratio (RRR) = (1 : 2.4)
TP2 at 1.27271 | RRR (1 : 3.2)
SL at 1.25871
We now have a completed Bullish Butterfly pattern at around a major support area. I would recommend entry upon exceeding the previous low with 1st take profit level at the 50% retracement level of impulse move CD and 2nd take profit level at 61.8% retracement level.
Reason for TP1: We have three historical price action as highlighted by the yellow circles. I also assume that the 200 SMA will cross the same 50% retracement level.
Reason for TP2: We have multiple price action (2 consolidation areas and 2 dips) on the same level as highlighted by two circles and two rectangles. The daily bearish trendline also interesects the 61.8% retracement level.
I predict that if price holds the break of the Daily Bearish trendline, it will hit the 76.8% retracement and finally the double top area.
If things really go well, we can hold positions 'til they reach 78.6% retracement and up to the double top area.
Let me know your thoughts!
Comment:
Price has recently broken above the 200 SMA on the 15min. chart. It has successfully retested and it looks like it will retest for a 2nd time. Overall, it is also sitting on a 38.2% retracement level.
Comment:
Price has recently broken above bullish flag
Comment:
TP 2 has already been hit. 100pips from entry point. Since the bullish move happened too quick
Comment:
TP 2 has already been hit. 100pips from entry point. Since the bullish move happened too quick, breaking out of the 200 SMA and the bearish daily trendline, expect a retracement/retest shortly.
From here until TP3 and TP4, it's a good idea to trail your stops.
Let's see how much pips we can maximize out of this trade.
From here until TP3 and TP4, it's a good idea to trail your stops.
Let's see how much pips we can maximize out of this trade.
Trade closed: target reached
Comment:
TP 3 reached. Hitting TP 4 is not expected, but will be treated as a bonus if we do hit it.
Comment:
TP4 reached
Price is currently at 200 SMA in the 15 min. chart. If it exceeds the 200 SMA, then we're well on our way to our 2nd TP (without disregarding a possible retest of the break).