As a trader one must always look for a High Confluence setup. At least 3 technical points should meet at each other to be called as high confluence setup.
In this case of $LRC
1. Price crossed trendline
2. Support zone successfully retested and created a demand.
3. Price also reversed from 50% Fib retracement.
I am loving this, I am taking trade in it with entry, exit and stop loss clearly marked in the picture.
In this case of $LRC
1. Price crossed trendline
2. Support zone successfully retested and created a demand.
3. Price also reversed from 50% Fib retracement.
I am loving this, I am taking trade in it with entry, exit and stop loss clearly marked in the picture.
Trade active:
Orders filled.
Comment:
Bringing my SL to breakeven.
Comment:
The price went two third against us but it didn't hit our stop loss, one must always have an idea of average true range of price and place SL accordingly.
Comment:
Booked some profit by moving SL higher @0.43
Trade closed manually:
Missed the target by few points, 0.43 hit. Signing off