EMA5 Support and Resistance open Targets
Updated
Price is ranging between 1787 and 1767. Both levels have been broken previously leaving a target open at 1806 long and 1750 short. Both targets left open and consolidated back into range. We are now waiting for a re challenge of these levels with EMA5 cross over with a 1H candle body close to confirm target or to increase positions.
Having two open targets in both directions are not easy to manage without strict money management and strong trading psychology. We always advice to take one target and manage that position with an exit plan using the range identified. If targeting both then we recommend strict stops below each level that is confirmed with a EMA5 cross over. As you can see this can be used for both entries and exits.
Having two open targets in both directions are not easy to manage without strict money management and strong trading psychology. We always advice to take one target and manage that position with an exit plan using the range identified. If targeting both then we recommend strict stops below each level that is confirmed with a EMA5 cross over. As you can see this can be used for both entries and exits.
Trade closed: target reached
1806 banked
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