Weekly Chart
When looking at the weekly chart we can clearly see the trendline holding quite firmly, A reversal to the long side is quite. I’m looking for a long entry on a daily chart.
On 9 September 2020 We a huge bullish engulfing candle.
Bullish engulfing on daily chart
Engulfing quite a number of previous days candle.
Trade mechanics
Trigger: Engulfing candle.
Confirmation: trade above the high of the trigger candle (R118.89)
Direction: Long
Entry: R119
Stop loss: R113.89
Risk: R5.02
Account balance: R2793.36
Max, I’m willing to risk: R83.8 (3%)
Shares: R83.80 / R2.50 = 16.7 (rounding off 17 Shares)