Price is below Daily and H4 200 EMA, B&C and pullback to Daily 200EMA. Pullback is to 0.236 Fib level from recent high. TP1 at previous support 9.8227. If price reaches here, I'll take 50% off and lower SL to above H4 EMA's, and ride it to TP2 of 9.64377.
Daily 8EMA Gap
Good day. Possible gap close on the daily 8EMA. Just had a retest of the 200EMA on the 15MIN. Will wait for continuation to the downside. BC below the 8EMA on the 1H TF. Then we can take the trade down to the 8EMA on the daily. If you want you can baby sit the trade to the 50EMA on the daily. If it takes to long to have continuation to the downside and keeps retesting the 200 EMA on the 15 min. I might not enter this trade. I am looking for clear momentum to the downside. Thanks
Break Close Retest
Wait for Break close and retest of the trendline for confirmation to the down side. EJ has failed to break above the 50% pullback of the previous momentum downward. Also this level corresponds to a major daily resistance. With market sentiment in risk off mood, the bias is there to the downside to the TP of 122.400. Nice risk to reward ratio. Good luck guys.
Possible Naked Trade
See the instructions on the chart. Nice risk to reward ratio. MArket sentiment risk off should support this trade in term of directional bias. There is a TP2 @ 112.200 if TP1 is hit, I will be placing my SL at TP 1. Good luck
Daily 8EMA Gap
Break Close Retest
Possible Naked Trade
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Andrew Lockwood
X30+ years experienceStarted in the trading pits of London with some of the biggest traders in the world. Migrated to screen trading around 2005 now trades full time focusing on FX, Indices, commodities.
Max Norbury
X10+ years experienceMax is a diligent and pro-active individual with a wealth of experience in technical and fundamental analysis, high-probability trading and mentoring within the financial markets. He has also has a variety of non-accredited analytical certifications.
Mark Bennell
X15+ years experienceCertified Financial Technician (CFTe), Diploma of Technical Analysis, Diploma of Share Trading and Investment. 14+ yrs trading experience. Focus on the process and the money will follow.
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