60.15 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 60.15 is broken.
While the resistance #1 at 55 is not broken, the probability of price increase would be too low.
A trough is formed in at 50.90 on 06/11/2019, so more gains to resistance(s) 58.05 and maximum to Major Resistance (60.15) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
( ) is 56.
*There is still a possibility of temporary retracement to suggested resistance line (60.15). if so, traders can set orders based on Price Action and expect to reach short-term targets.
*If you missed our first HUNT, you have a second chance to bell below the suggested resistance line (60.15).
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
We opened 9 SELL trade(s) @ 65.11 (day close price) based on 'Peak' at 2019.04.25.
Total Profit:6754 point
Closed trade(s): 3750 point Profit
Open trade(s): 3004 point Profit
TP1 @ 61.85 touched at 2019.05.02 with 326 point Profit.
TP2 @ 60.15 touched at 2019.05.06 with 496 point Profit.
TP3 @ 58.05 touched at 2019.05.23 with 706 point Profit.
TP4 @ 55.20 touched at 2019.05.31 with 991 point Profit.
TP5 @ 52.80 touched at 2019.06.03 with 1231 point Profit.
326 + 496 + 706 + 991 + 1231 = 3750 point
Profit for one trade is 65.11(open price) - 57.60(current price) = 751 point
4 trade(s) still open, therefore total profit for open trade(s) is 751 x 4 = 3004 point
All SLs moved to Break-even point.
TP6= @ 49.50
TP7= @ 45.80
TP8= @ 42.60
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