If I were to go long, my entry would be placed at $26 as the probability of a successful rebound is high if the market closes above the high of the current candle.
I’d set my stop-loss below the structural support level. If the market breaks below to prove my idea wrong, I’ll just accept it and quit with a small loss.
And my profit target would be at the upper bound of the monthly support zone. That gives me a decent risk-reward ratio of 1 : 1.76. Pretty good, huh?
On the contrary, I’d wait for a market retest of the structural support level to go short. Thus, my entry would be slightly below the support level. And I’d set my stop-loss at the upper bound of the monthly support zone.
“Where would your profit target be?” You may ask.
Given the current market outlook, I’d just leave it open for now. That yields me a risk-reward ratio of 1: Infinite, for the moment.
Long or Short, what’s your take?
Read the full articles on JCP fx training platform.
Step 1: Download the JCP (for free) at : onelink.to/sjxych
Step 2: Go to Trader Lab to read the full articles for more insights.
I’d set my stop-loss below the structural support level. If the market breaks below to prove my idea wrong, I’ll just accept it and quit with a small loss.
And my profit target would be at the upper bound of the monthly support zone. That gives me a decent risk-reward ratio of 1 : 1.76. Pretty good, huh?
On the contrary, I’d wait for a market retest of the structural support level to go short. Thus, my entry would be slightly below the support level. And I’d set my stop-loss at the upper bound of the monthly support zone.
“Where would your profit target be?” You may ask.
Given the current market outlook, I’d just leave it open for now. That yields me a risk-reward ratio of 1: Infinite, for the moment.
Long or Short, what’s your take?
Read the full articles on JCP fx training platform.
Step 1: Download the JCP (for free) at : onelink.to/sjxych
Step 2: Go to Trader Lab to read the full articles for more insights.