France 40 Ascending Channel - Long Order
Entry: €5,668.1
TP & RR: €5,760.5 (1.89)
Stop Loss: €5,619.3
REASONS FOR THE TRADE
Again, this is a trade that I would like to take, but will not due to already having enough positions. However, I am sharing this idea for those of you looking for a trade setup, especially if you are trading FR40.
This is a similar ascending channel to a recent trade idea I posted on Oil (from yesterday). I am expecting the price to slide up and then do a move up, at least forming a double top and possibly reaching the upper trendline.
Further, I am seeing a crossover on the Market Flow indicator, so I believe the bulls have enough strength to push the price up.
The Stop Loss is set just below the recent low. Generally speaking, if it breaks down from the lower trendline then I would be looking to close the trade since that invalidates the initial setup.
Entry: €5,668.1
TP & RR: €5,760.5 (1.89)
Stop Loss: €5,619.3
REASONS FOR THE TRADE
Again, this is a trade that I would like to take, but will not due to already having enough positions. However, I am sharing this idea for those of you looking for a trade setup, especially if you are trading FR40.
This is a similar ascending channel to a recent trade idea I posted on Oil (from yesterday). I am expecting the price to slide up and then do a move up, at least forming a double top and possibly reaching the upper trendline.
Further, I am seeing a crossover on the Market Flow indicator, so I believe the bulls have enough strength to push the price up.
The Stop Loss is set just below the recent low. Generally speaking, if it breaks down from the lower trendline then I would be looking to close the trade since that invalidates the initial setup.