Symbol: ES
Time frame: 1h Chart
XA Move: Swing Low (X) at 2603.25 to Swing high (A) at 2766.25
AB Move: Using Fibonacci retracement of 38.2 of XA, we are able to get the B point at 2704 which price action hit and fulfill the criteria of a valid B.
BC Move: Using a Fibonacci price extension of 127.2 of XA, we are able to get the C point at 2811.50 which price action hit and fulfill the criteria of a valid C.
CD Move: Using a Fibonacci retracement of 78.6 of XC, we are able to get the D point at 2647.75 which price action hit and fulfill the criteria of a valid D.
Entry : 2634.25 ( 1 point above the wick of 2633.25 when you look left)
Stop: 2600.25 ( 3 points below point X)
Profit target 1: 2696.75 (Using fibonacci retracement of 38.2 of CD whereby D will keep shifting if the price goes lower)
Profit target 2: 2740.50 (Using fibonacci retracement of 61.8 of Cd whereby D will keep shifting if price goes lower)
If trading 2 or more lots, self half at profit target 1 and shift the stops for the remaining lots to entry price.
E.g. if trading 2 lots
Entry :2634.25 (2lots)
Stops: 2600.25 (2lots)
sell 1 lot at profit target 1 at 2696.75
Shift the stop of the remaining 1 lot to 2634.25
selling the remaining lot at profit target 2 at 2740.50
Risk: 136 ticks @ 12.50 USD per tick = 1700
1700 x 2 lots = 3400
Reward: Profit target 1 and 2 hit
first lot: 250 ticks @ 12.50 USD per tick = 3125
second lot: 425 ticks @ 12.50 USD per tick = 5312.50
Total: 8437.50
Reward : Risk ratio = 2.48 : 1
Time frame: 1h Chart
XA Move: Swing Low (X) at 2603.25 to Swing high (A) at 2766.25
AB Move: Using Fibonacci retracement of 38.2 of XA, we are able to get the B point at 2704 which price action hit and fulfill the criteria of a valid B.
BC Move: Using a Fibonacci price extension of 127.2 of XA, we are able to get the C point at 2811.50 which price action hit and fulfill the criteria of a valid C.
CD Move: Using a Fibonacci retracement of 78.6 of XC, we are able to get the D point at 2647.75 which price action hit and fulfill the criteria of a valid D.
Entry : 2634.25 ( 1 point above the wick of 2633.25 when you look left)
Stop: 2600.25 ( 3 points below point X)
Profit target 1: 2696.75 (Using fibonacci retracement of 38.2 of CD whereby D will keep shifting if the price goes lower)
Profit target 2: 2740.50 (Using fibonacci retracement of 61.8 of Cd whereby D will keep shifting if price goes lower)
If trading 2 or more lots, self half at profit target 1 and shift the stops for the remaining lots to entry price.
E.g. if trading 2 lots
Entry :2634.25 (2lots)
Stops: 2600.25 (2lots)
sell 1 lot at profit target 1 at 2696.75
Shift the stop of the remaining 1 lot to 2634.25
selling the remaining lot at profit target 2 at 2740.50
Risk: 136 ticks @ 12.50 USD per tick = 1700
1700 x 2 lots = 3400
Reward: Profit target 1 and 2 hit
first lot: 250 ticks @ 12.50 USD per tick = 3125
second lot: 425 ticks @ 12.50 USD per tick = 5312.50
Total: 8437.50
Reward : Risk ratio = 2.48 : 1
Trade closed: target reached
Profit target 2 hit.Trade closed.
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.
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.