1.Pattern Position
Impulsive 5 wave pattern is in progress. wave -5 is in progress.
2.Price Position
Price cluster exit at 5450-5384-5233-5100
Resistance-5350-5400 levels
Support-5260-5177-5120-5073-5065-5053-4980-4900-4840
3.Momentum Position
Trade in the direction of the larger time frame momentum unless "OB" or "OS".Execute the trade on lower time frame momentum reversals.
since Weekly chart and Daily Chart is in "Over Bought" zone and daily chart have given bearish reversal signal.
4.Objective Entry Strategy
Short below 5340.Stoploss should be above 5410.
5.Exit Strategy
If target 4980(EOW 50 ret) traget is made ,trail half of the position below 1Bar high .
Potential Trade setup:
1.SAR 5320
2.Short below @5340 Stoploss @5410
Follow up SAR trade (ST)
1. No Trades
Follow up Trend reversal trade (TRT)
1.Sell 5140 Stoploss 5160 -Stop out (loss= -20 points)
2.Sell can be done near 5220 level with stoploss 5250 (TRT) (close 1 lot @ 5120 and 2nd lot @ 5200=60 points)
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