Fast rally to the weeks highs, So fast that a retrace is highly probabal. This retrace will allow a break even aproach to the trade which makes it low risk.
Epecting the lows to be taken if this high rally doesnt hold
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Sl moved between the last high and the high of the day, Roughly around 18080.
I dont use physical stop loss's, Only visual as my risk allows it.
Ei on my risk allowance; I risk 1% of my capital per 1% market change. So in this trade my starting risk was -0.53% and my profit will be around +1.59% of my account size, as per the market change %.
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Sl now at break even
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Price is sitting around my SL area.
If broken and held above i will be closing the position and reversing to a long.
Remember, i do not use physical stop loss's, Only visual/mental ones.
Will update if the SL gets hit
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As i can see. Price is respecting or testing should i say, my entry point. This to me validates large orders being processed at my entry price level. What i now want to see is rejection from this price range. If price closes above the current high it has formed i will be closing my postion for a small loss (-0.05% ish)
Again, I do not use solid SL's, Only SL points of reference.
This is the moment im either out this trade or going to see it hit TP.
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Final retest of entry level, A break and hold above this high will result in a small loss on this trade and a reverse position to be opened.