Update: Trade is active
Update: Closed first half at first target. Stop loss moved to break-even
Update: Second half stopped out at break-even
Going Long as price hits long-term Support
The price has hit a long term support area, much clearer on the monthly chart.
On the daily chart above, we have see a bounce higher and a break above the latest swing high and resistance at 1.4050. where i will be waiting for a retest of that broken resistance area, which should turn now to support.
The trade is also supported by a slight bullish divergence on RSI. and a potential falling wedge pattern,
Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
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www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
Update: Closed first half at first target. Stop loss moved to break-even
Update: Second half stopped out at break-even
Going Long as price hits long-term Support
The price has hit a long term support area, much clearer on the monthly chart.
On the daily chart above, we have see a bounce higher and a break above the latest swing high and resistance at 1.4050. where i will be waiting for a retest of that broken resistance area, which should turn now to support.
The trade is also supported by a slight bullish divergence on RSI. and a potential falling wedge pattern,
Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
------------------------------------------------------------------------------------------------------------------------------------------------------------
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician