This is my first post regarding any indices or stocks as I was performing some back-testing of pattern formations on them.
This is a pattern @ 10014 and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Risk: 97 points x 2 = 194 points
Reward #1: 97 points. R:R = 1:1
Reward #2: 156 points. R:R = 1:1.6
Plan your trade... Trade your plan.