EJ has been retracing and consolidation over the past few weeks.
Price has finally found a top at the 50% Fibonacci level.
Chart below
This afternoon price has broken down and a cross in the 60 minute averages has taken place.
According to my trade plan, I can now consider taking a short position on a pull back.
The only concern is the trend line support below, that however is around 60 pips from my first entry level. As the stop is going to be around 35 pips on average, I am happy to trade into the support moving my stop loss to eliminate the risk well before we test that area again.
Levels and chart below.
1st Entry: 140.25
2nd Entry: 140.45
Averaged entry: 140.35
Stop Loss 140.70
1st Target: 138.60 (5%)
2nd target: 136.40 (Previous lows)
After a very slow start to the week, lets hope this can make us some money.
Regards
MDT
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