We have a repeat buy entry on the EU into the existing uptrend. The entry will also be above the weekly pivot level line (blue), which is bullish. Trade parameters are below:
Entry = 1.1369
Stop Loss = 1.1311
Profit Target = 1.1500 (Close to Weekly R1 Level)
Keep in mind that this is a momentum play. Do not enter the trade unless we have a momentum thrust above yesterday's high. The concept is to buy high (relative to a previous bars high) and sell higher. This is not a bottom picking strategy. Use a stop-limit order to enter the trade. If there is not enough momentum to take out yesterday's high we simply cancel the order. It is best to use a self canceling bracket order at your broker.
Entry = 1.1369
Stop Loss = 1.1311
Profit Target = 1.1500 (Close to Weekly R1 Level)
Keep in mind that this is a momentum play. Do not enter the trade unless we have a momentum thrust above yesterday's high. The concept is to buy high (relative to a previous bars high) and sell higher. This is not a bottom picking strategy. Use a stop-limit order to enter the trade. If there is not enough momentum to take out yesterday's high we simply cancel the order. It is best to use a self canceling bracket order at your broker.
Comment:
Profit Target Reached on 07/18/17. Congrats to all who followed the trade and made money. On to the next trade.