AUDCHF - Engulfing on supply Level - SELL
Updated
Hello traders,
I found a supply level that was hit last week. The price is currently in a consolidation.
I waited for a confirmation (candle formation) before entering the trade. The confirmation was a engulfing candle on the D1 Chart.
Below the indicated supply zone, a demand zone has formed, which now has to be overcome.
Then the way is clear until the demand level before the rally.
SL I place above the high of engulfing candle. (0.68469)
I place TP above Demand levels. (0.6666)
Always remember to trade with proper money management.
I recommend a maximum risk of 2%.
I found a supply level that was hit last week. The price is currently in a consolidation.
I waited for a confirmation (candle formation) before entering the trade. The confirmation was a engulfing candle on the D1 Chart.
Below the indicated supply zone, a demand zone has formed, which now has to be overcome.
Then the way is clear until the demand level before the rally.
SL I place above the high of engulfing candle. (0.68469)
I place TP above Demand levels. (0.6666)
Always remember to trade with proper money management.
I recommend a maximum risk of 2%.
Trade closed: target reached
Hi traders, I hope you took the trade. We reached our target today :)
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