trading above the Daily Range (blue dots), therefore this level
is key support.
With this bias to the upside our ‘A’ up value line is our first entry
point for the day.
The 14 Day Moving Average (red) is turning up, and crossing the
30 Day Moving Average (yellow) and this is .
The action to take is to enter and go long if the price trades at or
above 109.27 for at least 15 minutes. Use a shorter term chart like 5
minutes to confirm this. Once, this rule has been met use discretion
to get as close to 109.27 as possible. Sometimes the price may rally
quickly from this level so be careful not to buy on a spike, so if the
price has moved to far, look for a retracement for a better entry.
Place the stop loss at the Opening Range low of 109.088 and the profit
targets as stated below.
Note: If triggered, look for the trade to play out over a period of
24-36 hours and if no significant move after 3 hours, exit the trade.
Entry Price: 109.27
Stop Loss: 109.088
Profit Targets: First profit target 109.69. Once first profit target
is reached, bring stop loss to breakeven, then trail a stop loss on
remaining position 15-20 pips behind to safeguard profits.
above 109.27 for at least half the Opening Range.