Week 31: FCPOX 2020 Preparation to ShortWeek 31 (27 July - 30 July 2020)
Code: FCPOX 2020
As at today, the price is still within the trend channel, ranging in the middle of the zone.
There is no a confirmation to take any actions yet, personally I am quite bearish bias and we should wait for a price confirmation to sell.
For an aggressive trader:
If today/tomorrow price is closed below 2640, then we can start selling.
As for a confirmation trader, we can wait for a Pull Back sign:
(1) wait for the trend channel is broken
(2) wait for the pull back at 2666 area
(3) then you can execute Sell Order
How about LONG/BUY? unless the price can beat the current bearish momentum and broke out of the channel at 2700 and above, we are aiming the price to go as high as 2800 area. However, your Risk and Reward ratio is not favourable; hence I am still leaning toward Bearish Bias at the right setup and price confirmation.
My Call for this week : (provided the above conditions are met)
Sell Limit at 2666
Stop Loss at 2700
Take Profit at 2520
Optimal TP at 2450
Risk and Reward ratio: 1 to 4.3
Always secure your profit by moving your Stop Loss at Entry Point after the price is moving towards your profit zone.
Good Luck.
