Weekly analysis: would Bullish wave continue?Midterm forecast:
While the price is above the support 6000.00, resumption of uptrend is expected.
We make sure when the resistance at 9774.80 breaks.
If the support at 6000.00 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
Relative strength index (RSI) is 34.
Trade Setup:
We opened 10 BUY trade(s) @ 6715.85 based on 'Hammer' entry method at 2018.04.01.
Total Profit: 1144505 pip
Closed trade(s): 770015 pip Profit
Open trade(s): 374490 pip Profit
Closed Profit:
TP1 @ 7556.25 touched at 2018.04.12 with 84040 pip Profit.
TP2 @ 8180.60 touched at 2018.04.15 with 146475 pip Profit.
TP3 @ 9051.90 touched at 2018.04.24 with 233605 pip Profit.
TP4 @ 9774.80 touched at 2018.05.05 with 305895 pip Profit.
84040 + 146475 + 233605 + 305895 = 770015 pip
Open Profit:
Profit for one trade is 7340.00(current price) - 6715.85(open price) = 62415 pip
6 trade(s) still open, therefore total profit for open trade(s) is 62415 x 6 = 374490 pip
Take Profits:
TP5= @ 11600.00
TP6= @ 12670.65
TP7= @ 15308.00
TP8= @ 17095.65
TP9= @ 19704.20
TP10= Free
