The price has been forming a falling channel for the past few weeks. The lowest low of the trend formed a double bottom , which is an indicator that the trend was to be a bullish move. The price is now at the top trendline of the channel.
I anticipate that the price might continue with the bullish run, and I have 2 possible scenarios of the entry zone. The first is below the current price at around 32200 and the second, at the top of the current price at around 33000.
My position will be at 32950, as I am using the pullback strategy to enter my positions hence it will be above the highest high formed.
The other reason as to why I am trading bullish is the current client sentiment of this index is 75% short and 25% long, and we are all aware that the market markers tend to move in reversal of the crowds anticipation. (Look at the Daily Forex website for the clients sentiment data)
My targets are 33500, 34050 and 34600 thus my target R:R is 1: 3.
Remember, risk only 1-2% of your account!
I anticipate that the price might continue with the bullish run, and I have 2 possible scenarios of the entry zone. The first is below the current price at around 32200 and the second, at the top of the current price at around 33000.
My position will be at 32950, as I am using the pullback strategy to enter my positions hence it will be above the highest high formed.
The other reason as to why I am trading bullish is the current client sentiment of this index is 75% short and 25% long, and we are all aware that the market markers tend to move in reversal of the crowds anticipation. (Look at the Daily Forex website for the clients sentiment data)
My targets are 33500, 34050 and 34600 thus my target R:R is 1: 3.
Remember, risk only 1-2% of your account!
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