1st target reached.....despite headlines on mainstream financial media trust me TP1 would still have happened even without the US-Iran geopolitical shocks..... oh trusting you had lovely holidays...im back!
This is a long term trade, bullish in oil traded in 3 parts. We are trading in a channel which was confirmed when we saw good rejection of the weekly candles labelled. So we take a bullish stance targeting the upper boundary of our channel. This is however done in 3 trades,taking profit off the table at each stage. This final target is in the 80 area. Entry: 3...
After almost 2 months waiting and getting stopped out once and reentering , sasol finally comes around and hits our 1st take profit. Now we wait for the 2nd TP at 35 000.
Just one of those trades were everything goes according to plan.
We got our targeted profit but it turned out to be more than just retracement and hence we left money on the table. . .
We take our profits since our target was reached. I still have the longer view trade on though...see attachments
Im seeing a change in structure on my BTC trades. So i exit my short positions.
The descending triangle i mentioned broke out instead..and we got stopped out. . . .another one bites the dust! Lesson learnt: limit order just above the suspected bin bar is a better entry!
It looks like we are bouncing off the kijun zone (yellow). This zone was an important support back in 2017 and it seems to be still a good support zone. If my thesis is correct we should rally to around 89-90 and then drop again from the double top formation. Entry 75 SL: 69 TP: 89 ( SSB Level) RR: 2.33 Manage that risk appropriately!!
The bottom boundary of the descending triangle seems to have a lot of bulls defending it. If my thesis is right we should see this coming week be a bullish one. This coincides with the bullish weekly view i have on DXY. Entry: 14.5056 SL: 14.3887 TP: 14.7990 RR: 1.87
The trendline had one point and last week that made two. We had a strong break of the blue zone and we expect that zone to be tested back. That and the trendline support are enough for a bullish weekly trade. Another point of confluence is the inverted hammer ending last weeks price action. Entry: 1.6883 SL: 1.6778 TP: 1.7099
We want to do a breakout pullback trade to the blue zone. The analysis is on the weekly. The blue zone was an important resistance zone which held since October only to be broken 2 weeks ago. Price will almost always come back to test a strong zone (blue zone).In order to get a good RR we however zoom into the H4 ,were we expect price to push up to the 147 zone...
My analysis on this pair is hinged on the blue zone which got broken last week. Simply put i want to see a test of that break by price going down preferably to 121 and then giving up a bullish signal and we enter. Ultimate target is the 124 area .So lets wait for that price action.
So if you superimpose the monthly on the daily you will see that the monthly tenkan is slicing at an diagonal angle. The daily close has respected this line since last week. The weekly is giving us a beautiful hanging man which is adding confluence to our short thesis. We are interested in the blue shaded zone as a target because this area was once a resistance...
So the overall formation visible especially on the Monthly is a descending triangle. We are not interested in completion of this formation because the completion and breakout may only happen some time next year 2020 or even later. What caught our attention here is the bottom boundary of the formation which has been acting as a very good support zone since January....