FCPO: Retracement confirm
Updated
If the market closes with a red candle, confirming a retracement, execute a short position with the following plan:
Cut Loss (CL): 4051
Take Profit 1 (TP1): 3950
Take Profit 2 (TP2): 3815
Take Profit 3 (TP3): 3740
Expect TP1 (3950) to be reached during the night session. If strong momentum persists, TP2 (3815) may be achieved within 2-3 days. A minor retracement might occur before the price descends to TP3 (3740), likely before Friday’s session close.
Cut Loss (CL): 4051
Take Profit 1 (TP1): 3950
Take Profit 2 (TP2): 3815
Take Profit 3 (TP3): 3740
Expect TP1 (3950) to be reached during the night session. If strong momentum persists, TP2 (3815) may be achieved within 2-3 days. A minor retracement might occur before the price descends to TP3 (3740), likely before Friday’s session close.
Trade active
Maintain the short position as the current pattern indicates the retracement is still in progress.
Note
Revise the stop level to 4044. If the price closes above 4044, exit the position to protect capital.Trade active
The position remains open as the price closed at 4043. Continue holding the position.
Trade closed: stop reached
CL price close > 4044
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.