Week 6 Trade 2 GJ Long
Reasons for entry:
- Price has made a new higher high & higher low
- Price broke above and retested 143.15
- Price has rejected the 4hr 61.8% fib
Entry Timeframe:
- 1hr bullish engulfing @143.36
-
Stop Loss:
@143.60 (-6pips)
Take Profit:
Target 1 @144.75 (+139pips) = Risk/Reward : 1:23.2
Target 2 @146.00 (+264pips) = Risk/Reward : 1:44
Notes:
- I have a very tight SL because it is still possible for price to make a more agressive pullback before forming new highs and having a tight SL would allow me to re-enter at a better price point
- Price has made a new higher high & higher low
- Price broke above and retested 143.15
- Price has rejected the 4hr 61.8% fib
Entry Timeframe:
- 1hr bullish engulfing @143.36
-
Stop Loss:
@143.60 (-6pips)
Take Profit:
Target 1 @144.75 (+139pips) = Risk/Reward : 1:23.2
Target 2 @146.00 (+264pips) = Risk/Reward : 1:44
Notes:
- I have a very tight SL because it is still possible for price to make a more agressive pullback before forming new highs and having a tight SL would allow me to re-enter at a better price point
Trade closed manually
Price came back to my entry, a break even trade +5pips.
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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.