Hi team, and welcome to my trade of the week!
This is a little different, as it's a swing trade - it will take at least a week if not two or three, to come to fruition.
Chart analysis:
On the weekly time frame, we can see a nice channel evolving. We have just rejected from the base of that channel, and have been consolidating for the past week.
We are currently touching the descending trendline. We will either break here, or we will reject back down four either a double bottom reversal or a retest of the weekly low for a longer time frame double bottom (both excellent reversal patterns).
Once in the ascending phase, we have at least 300 pips to the safest exit (TP1), and 520 pips to the weekly previous high.
News
The great thing about swing trades is that they absorb small setbacks like news - this is a longer-term trade, with wider margins for corrections.
Entry options:
1.) Sniper- Enter as soon as the descending trendline is broken, with a stop loss just below the recent bottom. RR 1:25
2.) Safer - Enter as above, with stop low below the main weekly channel. RR 1:6.
This is a high probability 500 pip trade. All you need is time - remember that patience is profit
Good luck, trade safe, and let's have a good week.
DrBear
This is a little different, as it's a swing trade - it will take at least a week if not two or three, to come to fruition.
Chart analysis:
On the weekly time frame, we can see a nice channel evolving. We have just rejected from the base of that channel, and have been consolidating for the past week.
We are currently touching the descending trendline. We will either break here, or we will reject back down four either a double bottom reversal or a retest of the weekly low for a longer time frame double bottom (both excellent reversal patterns).
Once in the ascending phase, we have at least 300 pips to the safest exit (TP1), and 520 pips to the weekly previous high.
News
The great thing about swing trades is that they absorb small setbacks like news - this is a longer-term trade, with wider margins for corrections.
Entry options:
1.) Sniper- Enter as soon as the descending trendline is broken, with a stop loss just below the recent bottom. RR 1:25
2.) Safer - Enter as above, with stop low below the main weekly channel. RR 1:6.
This is a high probability 500 pip trade. All you need is time - remember that patience is profit
Good luck, trade safe, and let's have a good week.
DrBear
