Week 32: FCPOX 2020 At the crossroad

Week 32: 03 to 07 August 2020
FCPOX 2020 analysis

This morning the market open with a gap up and stopped at 2724 (at the same level as previous high).
For here on, we better wait for a better signal, because:
(1) if the 2725 level is being respected, it means the market will form a double tops.
(2) if the 2725 level is broken with a clean break (bullish momentum), then we can ride up to 2830.

For my own preference, I prefer to wait until the price make a small pullback at 2645 area.

This week trade call:
Buy Limit at 2645
Stop Loss at 2563
Take Profit at 2830
Risk Reward ratio = 2.3R

Disclaimer:
This is for education purposes, you may follow with your own lot sizing and risk appetites.
As usual, I would like to make it as a habit, once your position(s) is/are in the profit zone, please move your positions to Break Even.