Longer than doing time for murder!!
Not that i would suggest it in any sense of the imagination but you'd definitely be out before this pair reached it's target ;)
Only joking, you'll be in and out in a flash with this setup. Now you may need to do a bit of your own homework here as to why my setup is as it is. If you go out to the daily and add these black lines as i have on your chart you'll see on a daily level this 1.03039 level is a strong daily area where price likes to reject and turn. Now, if we scale into the chart on the 1hr time frame we can see we had our swing low starting our bull run before we have witnessed this strong impulsive move back down.
This is ok as it allows me to add a fib from low to high to add extra confluence for the trade. IDEALLY i would like to see price come and test this level at the bottom again to allow me to get in quite low. If come Monday morning i see reversals from the 50% fib then i may go in with a 0.5% risk trade and allow the trade to run.
Only joking, you'll be in and out in a flash with this setup. Now you may need to do a bit of your own homework here as to why my setup is as it is. If you go out to the daily and add these black lines as i have on your chart you'll see on a daily level this 1.03039 level is a strong daily area where price likes to reject and turn. Now, if we scale into the chart on the 1hr time frame we can see we had our swing low starting our bull run before we have witnessed this strong impulsive move back down.
This is ok as it allows me to add a fib from low to high to add extra confluence for the trade. IDEALLY i would like to see price come and test this level at the bottom again to allow me to get in quite low. If come Monday morning i see reversals from the 50% fib then i may go in with a 0.5% risk trade and allow the trade to run.