With this trade setup I have a few confluences as to why I will take this trade with simple price action.
1. We have broken our previous key weekly resistance level and price is now coming down to retest this level turning it into support
so im looking to buy off the retest.
2. My entry point of 12825 lines up with the 50% fib level, may even look for a better entry on the 61.8% level with a tighter stop loss if price pushes below for possible stop hunts, but will monitor that.
3. My entry point is also around my strong bullish trendline that has been respected continuously.
4. My target level of 13500 (psychological round number) is around the -61.8% take profit level
This trade im targeting an insane amount of 6700+ pips! Lets see how this plays out
1. We have broken our previous key weekly resistance level and price is now coming down to retest this level turning it into support
so im looking to buy off the retest.
2. My entry point of 12825 lines up with the 50% fib level, may even look for a better entry on the 61.8% level with a tighter stop loss if price pushes below for possible stop hunts, but will monitor that.
3. My entry point is also around my strong bullish trendline that has been respected continuously.
4. My target level of 13500 (psychological round number) is around the -61.8% take profit level
This trade im targeting an insane amount of 6700+ pips! Lets see how this plays out
Trade active:
Currently floating 1700 pips in profit!
Trade active:
Floating 5500 pips in profit!
Trade active:
Floating 5500 pips in profit!