16.8 was hit, so congrats to those who followed my call from 16.4 to 16.8 i made Sunday.
That means 1/3 of my position is currently closed and 2/3 still open looking for 17 and 17.3 before we can bro down.
Anyways, we are not out of the woods yet. But let me first explain why 17.3 is major resistance level:
The 38% retracement is at 17.085 to be exact, which is also where the 400 DMA is (I went over this Sunday), so there is always a chance that will be the all she wrote. Thats why i sudjest closing 1/3 of your position here, assuming you actually followed my call.
In terms of trade management i suggest moving your SL from the 16.3 to back to COST at about 16.4-5 (depending on where you got in). That way you will still be in the green from 16.8 if things somehow turns bad on the trade.
My recommendation:
- Move Stop loss to cost with your remaining 2/3 of position.
- Close 1/3 at 17 and 17.3.
Please dont go crazy with my calls, remember this is just one trade - so keep proper bankroll management. No all ins!
Anyways lets make some money guys.
/Flemming