Capitalize on potential upside breakout of FCPO (Swinger style!)

FCPO has been in consolidation mode for quite some time and has formed a descending triangle. Following 7 straight days of green daily candles, it is becoming clearer that upside breakout of the declining resistance trend line is possible as bulls push forth steadily.

How do we then capitalise on it?

Consider the plan below :

Entry : Buy 2x number of lots at support around 3780 level or at any signs of retracement below 3820 level
TP 1 : Take profit for 1x number of lots at 4000 level and buy back at 3930 level
TP 2 : Take profit for 1x number of lots at above 4050 level with trailing stop of 2% and ride the wave to at least 4270 levels.
Stop Loss : Exit 2x number of lots at 3750 level

What do you think?

Darren Lim
Commodities Strategist