Price moving upwards in a price channel. Correction came back to support line showing sign of upward-strength again.
Especially when today's closing is above 67.08 it would be a sign of additional strength.
Trade is placed when of today's session, 10.08.2018 is closed and price closes above today's opening.
Normally would place TP just below of upper price channel line. However, as last high didn't move significantly above the high before and cosolidation is relatively deep, chose a more conservative, but quite attractive TP (Risk-reward ratio of 5).
Especially when today's closing is above 67.08 it would be a sign of additional strength.
Trade is placed when of today's session, 10.08.2018 is closed and price closes above today's opening.
Normally would place TP just below of upper price channel line. However, as last high didn't move significantly above the high before and cosolidation is relatively deep, chose a more conservative, but quite attractive TP (Risk-reward ratio of 5).
Comment:
As price moved strongly on Friday, 10.8.2018, the risk-reward ratio is not favourable anymore for TP1 as the trade is entered at todays opening. So TP1 will not be traded, only TP2, which has a risk-reward ratio of 2.5.
Trade closed: stop reached:
Stopped out today.