Midterm forecast: 58.05 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 58.05 is broken.
Technical analysis: While the RSI downtrend #1 is not broken, bearish wave in price would continue. A trough is formed in daily chart at 50.70 on 06/05/2019, so more gains to resistance(s) 55.20 and maximum to Major Resistance (58.05) is expected. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index (RSI) is 34.
trading suggestion: *There is still a possibility of temporary retracement to suggested resistance line (58.05). 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 (58.05).
Entry signal: 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: Trade Setup: We opened 9 SELL trade(s) @ 65.11 (day close price) based on 'Peak' at 2019.04.25. Total Profit:8142 point Closed trade(s): 3750 point Profit Open trade(s): 4392 point Profit
Closed 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
Open Profit: Profit for one trade is 65.11(open price) - 54.13(current price) = 1098 point 4 trade(s) still open, therefore total profit for open trade(s) is 1098 x 4 = 4392 point All SLs moved to Break-even point.