Just entered a demo trade on the GJ. Would appreciate some feedback / critique on it
D1: yesterday candle forms TC with bounce off 21EMA. 200SMA also forms good support. Price over 89. Tweezer bottom?? Good signs.
H4: price over 89. TC signal on previous candle based on bounce of 21, and its an engulfing candle. Also, price has broken out of resistance formed by consolidation zone highs 1 Nov and 5 Nov. 21EMA aligns with this broken resistance (hopefully turned support now!)
Entry at 239.40.
Stop at 238.75 (signal candle low). Sting of 16:00 down candle should mean this stop is sufficient, based on historical setups.
Risk = 65pips - bigger than normal 50 or so for other pairs, but ATR on GJ larger, so to me this fits nicely within suitable range.
Profit targets: Take 50% profit at 40pips (again, based on higher ATRs), Bring other 50% to B.E. Potential Exit 2 at 240.40 support-turned-resistance line. However, as day charts have fresh TC signal, I'll probably let this run as long as poss, with trailing stop below 21EMA.
Look forward to some thoughts!
(Hope the chart shows up...)
D1: yesterday candle forms TC with bounce off 21EMA. 200SMA also forms good support. Price over 89. Tweezer bottom?? Good signs.
H4: price over 89. TC signal on previous candle based on bounce of 21, and its an engulfing candle. Also, price has broken out of resistance formed by consolidation zone highs 1 Nov and 5 Nov. 21EMA aligns with this broken resistance (hopefully turned support now!)
Entry at 239.40.
Stop at 238.75 (signal candle low). Sting of 16:00 down candle should mean this stop is sufficient, based on historical setups.
Risk = 65pips - bigger than normal 50 or so for other pairs, but ATR on GJ larger, so to me this fits nicely within suitable range.
Profit targets: Take 50% profit at 40pips (again, based on higher ATRs), Bring other 50% to B.E. Potential Exit 2 at 240.40 support-turned-resistance line. However, as day charts have fresh TC signal, I'll probably let this run as long as poss, with trailing stop below 21EMA.
Look forward to some thoughts!
(Hope the chart shows up...)