1.Pattern Position
Impulsive 5 wave pattern is in progress. wave -5 is in progress.
2.Price Position
Price cluster exit at 5397-(5220-5240)-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.we can be cautious long or short on getting bearish reversal signal.
4.Objective Entry Strategy
Short below 5233 on getting bearish reversal signal on daily timeframe.Stoploss should be above 5260
5.Exit Strategy
If trade triggered , I will sharing exit strategy.
Potential Trade setup:
1.SAR 5199
2.Short below 5233 on getting bearish reversal signal on daily timeframe
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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