has formed a formation on both the 1D and Weekly time-frames’. Generally, i am not a huge believer in these formations, however seems to be ticking most of the boxes at this stage. There is a very clear cup, at level price-action height, and a nearly fully formed handle. This pattern is only relevant at the higher time-frames such as Day/Week/Month. As it usually doesn’t play out on the lower ones. What i will be looking for now is a drop down to the next around 552 , or to the 200 . I will at least be looking for a wick down to the 200 . Once this has happened, i will wait for the first 1D candle to open AND close above the 200 before i place my BUY order. This should essentially be between 550 – 600 . This open AND close candle will draw me into being on the trade and will solidify my view of the formation. If this does not happen and the 200EMA breaks, the above will be invalidated.
Should the above play out, below will be my trade plan for . Please find below the targets, stop-loss and profit potential:
Using 575 as an Average Buy Order:
Buy: 575
Sell: 25% T1 661 – 14.96%
25% T2 733 – 27.48%
25% T3 841 – 46.26%
25% T4 997 – 73.39%
SL: 485
This is not trading, nor financial advice. Posted trades are based on my own TA, void of my opinion and only on how i read the chart and indicators. Always do your own before attempting to trade anything. Trading carries a high degree of risk and may result in financial loss.
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Happy Trading!
Published at Sun, 17 Mar 2019 18:58:15 +0000
