Price tried twice on the daily to break through the Kijun and failed. Yesterday closing just below Kijun raising alerts then today the gap down confirmation of bears control. My two levels of significance being 13257 and 12748. The former should have been the entry level but the gap down threw us off there,regardless short on close of trading in Joburg with 1st target being 12748 and we appraise price action thereafter.
Entry: 13149/13150 (depending on where it closes but +/- 20 from this price)
SL: 13571 ( 1 ATR from the 1st significant level 13257...which is also a comfortable position above Kijun)
1st TP: 12748 ( Weekly Kijun level)
Never forget that risk management...always half of what you think you are comfortable with. So if you think 1% is you parameter then put just 0.5%:)
Entry: 13149/13150 (depending on where it closes but +/- 20 from this price)
SL: 13571 ( 1 ATR from the 1st significant level 13257...which is also a comfortable position above Kijun)
1st TP: 12748 ( Weekly Kijun level)
Never forget that risk management...always half of what you think you are comfortable with. So if you think 1% is you parameter then put just 0.5%:)
Trade closed: target reached:
Money in the bag/nk!