The current region is a high supply area
Indicated by the 2 long tails created. Also the low 80 for the current trade is a golden cross between wma 50 and 100, so a short term technical buy.
But nevertheless keep a SL at 80 and hold till 94. The Risk to Reward is quite attractive with a downside at 4% and upside is at 16% making 1:3 R2R ratio quite favorable to us .
Indicated by the 2 long tails created. Also the low 80 for the current trade is a golden cross between wma 50 and 100, so a short term technical buy.
But nevertheless keep a SL at 80 and hold till 94. The Risk to Reward is quite attractive with a downside at 4% and upside is at 16% making 1:3 R2R ratio quite favorable to us .
Comment:
SL hit taking a loss. Due to corona outbreak news in Italy, the market gapped down. This is a high risky trade, i am moving my SL to 72 and then purchasing few more to average it out. This trade is not for the fainted heart.
Trade closed: stop reached:
SL hit.