After price made a n extreme high during the asian session 2 days ago, price action has been bullish and has broken above that new high. On the 15 minute chart here we can see that Price is now retesting that major high with confluence with the golden fibonacci zone( the 50% and 61.8%). I will be waiting for price to come into the zone and give me some entry confirmations such as a doji or bullish engulfing. If that happens, I will set stops below the zone at the -78.6 extension. I'll be running 2 positions. One for TP1( - 27.00 extension) and the other for TP2( -61.8 extesion,). Stops will be set to BE after price reaches TP1. Lets see if the setup fully occurs or if price just blows past the new found support.
RISK MANAGMENT
RISK MANAGMENT
Trade active:
There was a doji formation on the m5. Entry candle confirmed. LETS RIDE THIS PUPPY