Analysis on Daily chart (25 May-20)
RSI has been moving higher since price bottomed on 31 Mar @ 6300
Uptrend developing
TRADE SUMMARY (Swing trade)
Buy @ 7800
Profit target 1 @ 9700 Profit target 2 @ 12000
Stop loss @ 7250
TARGET 1 (short term) TARGET 2 (longer term)
Risk = 550 (7%) Risk = 550 (7%)
Reward = 1900 (24%) Reward = 4200 (54%)
RR Ratio = 3.45 RR Ratio = 7.6
RSI has been moving higher since price bottomed on 31 Mar @ 6300
Uptrend developing
TRADE SUMMARY (Swing trade)
Buy @ 7800
Profit target 1 @ 9700 Profit target 2 @ 12000
Stop loss @ 7250
TARGET 1 (short term) TARGET 2 (longer term)
Risk = 550 (7%) Risk = 550 (7%)
Reward = 1900 (24%) Reward = 4200 (54%)
RR Ratio = 3.45 RR Ratio = 7.6
Note
Bought on 26 May-20 @ 7800Target 1 met on 04 Jun-20 @ 9700 (TODAY)
Sweet 24% made on batch 1 within 8 trading days
Hanging man formed on 04 Jun-20 Daily candle signaling possible reversal
Place stop loss @ 9000 on batch 2 in the event price heads down from today
Note
RSI on Weekly heading upwardsMoved stop < 8500
Target 2 still in play & needs time to develop
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.