Missed my planned entry @ 88.6 of recent move but I’m still happy to enter long at current price with stops at 1.2970 – so just bit below of recent low 1.29719
Targeting 3:1 - 4:1 RRR (1.618 fib extension and possibly above), however there are few ways this trade can be played:
1) When price reaches 1:1 RRR take off 50% of position leaving STOP as it is – gives us risk free trade, and move STOP to ENTRY level once price reaches 2:1 RRR level; keep moving STOP as price gets to new RRR levels 3:1, 4:1 etc.…. letting trade run and locking profit on a way.
2) Wait for price to reach 2:1 RRR, move STOP to break even and taking 50% off the table – booking profits and at same time keeping risk free trade, moving stop as trade progresses locking more profits
3) Targeting recent resistance area @ 1.3074 (1,5:1 RRR) – take off whole position
Personally I feel very comfortable to let trade run to almost 3:1 RRR area.
Reasons for entry:
- Recent buy signal – 07/10 – 15:00 hrs
- RSI was in oversold area shortly before buy signal
- Double bottom formed
- Price didn’t breach recent low
- Hammer / pin bar candle
Good luck and good trading!
Arek JP
Targeting 3:1 - 4:1 RRR (1.618 fib extension and possibly above), however there are few ways this trade can be played:
1) When price reaches 1:1 RRR take off 50% of position leaving STOP as it is – gives us risk free trade, and move STOP to ENTRY level once price reaches 2:1 RRR level; keep moving STOP as price gets to new RRR levels 3:1, 4:1 etc.…. letting trade run and locking profit on a way.
2) Wait for price to reach 2:1 RRR, move STOP to break even and taking 50% off the table – booking profits and at same time keeping risk free trade, moving stop as trade progresses locking more profits
3) Targeting recent resistance area @ 1.3074 (1,5:1 RRR) – take off whole position
Personally I feel very comfortable to let trade run to almost 3:1 RRR area.
Reasons for entry:
- Recent buy signal – 07/10 – 15:00 hrs
- RSI was in oversold area shortly before buy signal
- Double bottom formed
- Price didn’t breach recent low
- Hammer / pin bar candle
Good luck and good trading!
Arek JP
Dagangan ditutup: hentian tercapai
STOP hit over night for me – move on looking for new set up.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.