Hello Traders,
Today we've been presented with a potential short position that we have currently executed.
The idea behind this is that price is in a downtrend and we have been presented with price pulling back to the trend line. Price has rejected the trend line and the 50.0% to 61.8% Fibonacci retracement zone.
Our trading plan goes as follows;
TP1: Close 50% of position and move SL to Breakeven. Remaining position is 50% and risk free.
TP2: Close 25% of remaining position and move stop loss to TP1. Remaining position is 25% and profit is secured.
TP3: Full take profit is realised.
Good luck and Happy Trading!!
Today we've been presented with a potential short position that we have currently executed.
The idea behind this is that price is in a downtrend and we have been presented with price pulling back to the trend line. Price has rejected the trend line and the 50.0% to 61.8% Fibonacci retracement zone.
Our trading plan goes as follows;
TP1: Close 50% of position and move SL to Breakeven. Remaining position is 50% and risk free.
TP2: Close 25% of remaining position and move stop loss to TP1. Remaining position is 25% and profit is secured.
TP3: Full take profit is realised.
Good luck and Happy Trading!!