- Testing uptrending channel support at approx 16000
- Testing 100sma channel low at 15985
- In the 38.2%-50% retracement area of the previous up swing 16064-15925
- 15995 the monthly that could act as support
Trade on tight leach below 16000, because daily 200sma channel could be the next valid in the 15700-15600 area, and another more significant daily dip buying area / opportunity.
So far, I'll use the 15995 monthly as S/R with 25/50 points stops
Trade target -> A new high above 16512
What I care is where I enter, the risk I'm taking and the reward I'll get, not what could happen once the trade is over.
New highs and lows have the immense benefits of being objective and reliable market points.
Nothing wrong with trailing stops but not my style...