There are 2 trade set up you can take here base on 2 support level
Trade set up 1 ( Blue line)
Assume support level is at 0.717-0.720. Take the Long trade.
Pros: You can enter now
Cons: Price might go back down to the 2nd support level (0.707-0.710). Wider Stop Loss
Trade set up 2 (Purple Line)
Assume support level is at 0.707-0.710. Wait for price to retrace to enter
Pros: Narrow SL, lesser risk.
Cons: Price might not retrace to that level. You could missed getting in the trade
Third option exists which is to combine set up 1 and 2. Divide your buy orders into 2 portions.
SL is 0.700 for both set-up. If you are following this trade, DO NOT adjust the stop loss. The stop loss level is part of my strategy. If the risk is too much, lower your lot size. If you cannot lower your lot size, it means you are undercapitalized and you should not be trading.
Have a good week everyone.
Do remember to visit my patreon page and support me if my post helped you =)
Trade set up 1 ( Blue line)
Assume support level is at 0.717-0.720. Take the Long trade.
Pros: You can enter now
Cons: Price might go back down to the 2nd support level (0.707-0.710). Wider Stop Loss
Trade set up 2 (Purple Line)
Assume support level is at 0.707-0.710. Wait for price to retrace to enter
Pros: Narrow SL, lesser risk.
Cons: Price might not retrace to that level. You could missed getting in the trade
Third option exists which is to combine set up 1 and 2. Divide your buy orders into 2 portions.
SL is 0.700 for both set-up. If you are following this trade, DO NOT adjust the stop loss. The stop loss level is part of my strategy. If the risk is too much, lower your lot size. If you cannot lower your lot size, it means you are undercapitalized and you should not be trading.
Have a good week everyone.
Do remember to visit my patreon page and support me if my post helped you =)
Comment:
Price is moving up. Awaiting US session
