Friday, October 20, 2017

The COMEX close today just reinforces the idea that we will have more downside pressure next week. I see only two major supports @1251/1262 area and @1200. It is quite possible that the 1251/1262 area holds on an intraday basis but we all know that trying to pick a bottom is like standing on the way of a falling knife so my plan is to book profit around 1252 which will give me a 30 pips profit (1 pip = USD 1) on my short from 1290 and then risk 10 pips by placing a buy order @1252 SL order @1242, if this setup does not work and 1250 is broken to the downside there will be no option but to buy @1200 no matter how long it takes to get there.

 Disclosure: I´m short @1290 with SL @1292 and TP 1252.1. I have also set a buy order @1252 SL @1242 TP @1348.

 Have a nice weekend.
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2 comments:

  1. HighseasOctober 23, 2017 at 3:27 AM

    Hi Guys,

    Trust you had a good weekend?

    I'll go short at 1274.5 if today closes below 1275? 1275.8 is my 50% FIBO. SL at 1284.5 and TP1 at 1254.50?

    what do you guys think?

    ReplyDelete
  2. CesatoOctober 23, 2017 at 5:19 AM

    Sounds good to me, mainly because you are protecting your position with the SL order.

    ReplyDelete

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