The earnings provided impetus to drive the price to a price magnet which was the upper boundary of the long descending channel that started in April 2018 but was confirmed around April 2019. This boundary also aligns with the weekly SSA (although SSA is a weak significant zone but it adds to the confluence) and the monthly Kijun (although it is slightly lower but again it adds weight to the thesis). This is a long term trade with 3 profit targets,the 1st two targets are the weekly Kijun and Tenkan. The 3rd target should have been on the lower edge of the channel but i was conservative and put it at a higher high (to the lows of August) round number area,which could be a good price magnet. The stop loss is at a frustrating area due to the massive rejection we had at the close of the week but prudence dictates we should put our stop slightly higher than that last high. So it means we adjust our position sizes to suit that.
Entry: 3 positions at las weeks close 6674
SL: 7018
TP1: 6349
TP2: 6017
TP3: 5600
Entry: 3 positions at las weeks close 6674
SL: 7018
TP1: 6349
TP2: 6017
TP3: 5600
Comment:
haha so the market just teases my 1st TP. . .retraces after getting to 2 cents from my 1st TP.. . .Thesis still intact so we do the waiting game!