Rationale
0.382 retracement of longer trend since July 2015.
Recent moves down since 15th November resembling 3 drives pattern, final leg to terminate around 8405.
Also coincides with bottom of price channel starting from April 2016.
Entry
8422
Stop 140
Limit 245
Targets
T1 8562 - 0.382 retracement of the move down 11 October (excluding the wick)
T2 8840 - 0.618 retracement top of price channel
Stop
8282 - Below recent low on 6th September 2016.
Trade management
T1 Hit - Sell half, stop to break even.
0.382 retracement of longer trend since July 2015.
Recent moves down since 15th November resembling 3 drives pattern, final leg to terminate around 8405.
Also coincides with bottom of price channel starting from April 2016.
Entry
8422
Stop 140
Limit 245
Targets
T1 8562 - 0.382 retracement of the move down 11 October (excluding the wick)
T2 8840 - 0.618 retracement top of price channel
Stop
8282 - Below recent low on 6th September 2016.
Trade management
T1 Hit - Sell half, stop to break even.
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.