It seems the bulls were waiting at 0.92500 and price emphatically rose creating a bullish engulfing on the 21st. This could signal a few days of recovery and we are hinging on this for our long. Our confluence comes from the inverse head and shoulders created on H4,its not the textbook version but then again this is Technical Analysis,its sometimes more of an art than an exact science. It seems on 4H we broke the neckline and we are just now testing it so its the ideal entry point.So we enter on 4H targeting the daily kijun zone in yellow.
Entry: 0.93630
SL: 0.93352
TP: 0.94495
R: 3.11
Risk management risk management is the mantra!!
Entry: 0.93630
SL: 0.93352
TP: 0.94495
R: 3.11
Risk management risk management is the mantra!!
Trade closed manually:
The daily kijun which was our target has moved down so we close trade and pocket about 1.7 R