We had a beautiful tenkan bounce on the daily today. That and the potential completion of that W formation make good confluence for a trade. We split it in 2 position because we have a strong weekly ssb resistance to go through at around 42 so we should definitely take some off the table there. The ultimate target is 44 which should complete the big W formation.
Entry: 40.16
SL: 38.66
TP1: 41.92 (RR-1.09)
TP2: 43.81 (RR- 2.2)
Risk management is 70% the work!!
Entry: 40.16
SL: 38.66
TP1: 41.92 (RR-1.09)
TP2: 43.81 (RR- 2.2)
Risk management is 70% the work!!
Trade closed manually:
We turned bearish by breaking the daily ssb on the daily. There is strong support around 38.45 so if there is a satisfactory bounce there we might jump back in but for now we close all positions.