the current trend is a down trendline and the price is moving in nice decent waves. if we do a back test you would see that the price will soon hit a strong area of resistance. we should be ready with a sell trade around this area that happens to be the 61% fib level.
CG Power and Industries - Longer term View - Bearish view Bearish View - Longer Term View Sell @ 290 Stoploss @ 307 Target @ 213 R:R @4:15
We should see some resistance out of this level at 166.000 for either a big retracement or even a move all the way down to 160. I will probably wait until the start of next week before even looking at taking entry, remember even if we do see a move down to finish the week there will usually always be a second opportunity to get into the trade.
Buy at the premium during London Kill Zone. 5 positions, 4 of them 4.5% TP and 1 TP at 3.5%.