We're looking for the best possible entry, where we can maximize our profit and minimize our stop loss.
I've projected a potential longing line/zone where we are looking for confirmation to make our move. There are 2 looking to support us, as well as the stronger (but smallish) S&R zone. Ideally we want to see price react where these come together - creating a very strong base for our trade. Stop loss should be below the stronger S&R zone AND below the strong . TP's we'll take an easy one with nice RR at the first major S&R line 0.970... and a 2nd one a tad bit higher (based on previous long time S&R).
For now, we're playing the waiting game and see what price action does the next few days.
28/04: Trade slowed down and might be turning cautiously at our starting pad. I'm in the trade and follow up the next few days. Note that even with a valid trade, the price could always spike towards our . Ideally we'd like to see a nice close, well over our stronger S&R zone... EDIT: RSI14 on D is giving signs atm.
02/05: Price isn't showing a strong reaction yet on our purple line. However it's staying inside the stronger S&R zone, probably going for a tap on the strong FIRST, before moving up.
After a tap on our strong + a close clearly above the stronger S&R zone (and our purple line) longs are most probably confirmed.
A close beneath our stronger would make this trade invalid ofcourse.