This trade and analysis are on the weekly and monthly. On the monthly in August we reached an important support level 1591 which had last been tested June 2015 so this is a significant zone.The September monthly candle showed positive momentum from this level confirming that indeed this is a strong demand area. So we take this trade on the weekly with last week's candle close being above the tenkan. We also tested the 1700 area twice,first was with the 7 October weekly and las weeks candle. So any stop should be below that zone. Our 1st TP is an area of significant resistance at 1880 from which we take half off the table with the other half we wait for the weekly Kijun at 1952. (remember this Kijun is also monthly Tenkan,so strong price magnet)
Entry: 2 positions on Weekly close @ 1756
SL:1687 (below 1700 area)
TP 1: 1880
TP2: 1952
Entry: 2 positions on Weekly close @ 1756
SL:1687 (below 1700 area)
TP 1: 1880
TP2: 1952
Trade closed: target reached:
The 1st TP reached. . . .we wait for the 2nd!
Trade closed: target reached:
Close trade. . .we came 2 points off the target but that's good enough
