fxswing
Long

US30 - Buying Opportunity @ 16000

FX:US30   Index of top 30 shares on Wall Street
108 7 1
Trade reasons:

- 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 pivot that could act as support

Trade on tight leach below 16000, because daily 200sma channel could be the next valid support area in the 15700-15600 area, and another more significant daily dip buying area / opportunity.
So far, I'll use the 15995 monthly pivot as S/R with 25/50 points stops

Trade target -> A new high above 16512
Where did you eventually take profit fx?
Reply
fxswing fxlife
Hi, as posted above, I took profit at 16512 when price made a new high, for 512 points gain.
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fxlife fxswing
So why not put a trail stop in , or you did?
Reply
fxswing fxlife
The plan was to target a new high, not try to shoot for the moon...
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...
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nice!...good job
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Bingo - Ka-Ching on new high 16512 as planned...
"I love it when a plan comes together!"
http://www.youtube.com/watch?v=UO3CaJieLK8
Reply
I'll keep a close eye on 16239, but so far so good, we got a nice bounce off the monthly pivot as expected...
Protecting some profits with a stop in profit territory in case we get a violent reversal.
Better safe than sorry ;-))
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