Looking to buy the breakout from last swing high. The swing high coincides with prior week high.
Uptrend continuation - track the breakout with 20 SMA to gauge strength of the move and use it to reduce your position
Set stop just below last swing point low. Manage exist using 20 SMA. Exit portion of trade before stop if possible based on smaller timeframe swing lows being broken or 20 SMA breached to downside.
Take profit portion of your profit at 1R from entry if possible - otherwise follow 20 SMA to close portion of position. Plan is to hold based on weekly and monthly uptrend being formed.
1% capital risked
Uptrend continuation - track the breakout with 20 SMA to gauge strength of the move and use it to reduce your position
Set stop just below last swing point low. Manage exist using 20 SMA. Exit portion of trade before stop if possible based on smaller timeframe swing lows being broken or 20 SMA breached to downside.
Take profit portion of your profit at 1R from entry if possible - otherwise follow 20 SMA to close portion of position. Plan is to hold based on weekly and monthly uptrend being formed.
1% capital risked