This is a weekly timeframe trade setup - Looking for an entry signal at around 5.50 (in the form of a bullish candlestick pattern) as this is likely to be a strong support level, I will look to take profit on half my position at around 6.50 and then hold the rest of my position to see if it breaks even higher as this is a longer term trade setup.
Stop loss is 1 ATR below the support level to allow for market volatility, if there is a weekly close below the S/L level I would be out of the trade.
Stop loss is 1 ATR below the support level to allow for market volatility, if there is a weekly close below the S/L level I would be out of the trade.