Technical Analysis:
The price gained and broke above a key resistance zone at 79.00, followed by 2 waves of retracement that completed within the previous resistance zone turned support.
In the D1 chart, the price is also seen appreciating toward the top of a major falling trend channel, thus expecting the price to resume appreciation.
Market Sentiment:
Nil
Trading Plan:
Long 1/2 risk due to late entry and another 1/2 risk after price retraced a little for a better entry price.
Stop loss set at 78.40, 20 pips away from the low of a probable 3rd minor retracement.
As price reach the swing high of the entire retracement at 79.71, shift stop loss to swing low.
TP1 is seen at swing high of the entire retracement at 79.76 and lastly, at the top of the major falling channel at 80.59.
Modification:
[18/10/16 22:30] Closed 1/2 position as price formed 2 equal highs and began to fall, signaling for a retracement.
[10/10/16 00:07] Close another 1/2 position as price may retrace further, making the 2nd wave of retracement.
Result: Gained 2.17%
Leave a Reply