I try my best to avoid trading this instrument because I am not too sound on the fundamental areas of this market however I take some technical appealing trades sometimes.
I am looking to go long on a bullish candle close at the third touch of the trend line especially at the 50% retracement. It is a relatively small trade. As usual, I'm looking for a favorable risk/reward ratio here.
My targets are the last swing point at 11242 and the top range at 112923
IF
it breaks the trend line and makes a solid close below, I will short this market for a target of 11143 where the 618 retracement is positioned however I doubt this will occur as it is currently sitting on the 50% retracement and is likely to move higher.
As it is the weekend, I am not looking to take this position until monday morning because of holding charges and anything can really move this product as I am not fundamentally sound on it. Until then traders, keep your guard up, aim and shoot when it closes
I am looking to go long on a bullish candle close at the third touch of the trend line especially at the 50% retracement. It is a relatively small trade. As usual, I'm looking for a favorable risk/reward ratio here.
My targets are the last swing point at 11242 and the top range at 112923
IF
it breaks the trend line and makes a solid close below, I will short this market for a target of 11143 where the 618 retracement is positioned however I doubt this will occur as it is currently sitting on the 50% retracement and is likely to move higher.
As it is the weekend, I am not looking to take this position until monday morning because of holding charges and anything can really move this product as I am not fundamentally sound on it. Until then traders, keep your guard up, aim and shoot when it closes
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Related publications
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.