I will update below as to when exactly I will place my trade with all the details
The pattern we are potentially looking at is an Expanding Diagonal looking to catch Wave number (5) of the sequence.
The is also forming a Hidden Divergence which implies trend continuation adding some further confirmation.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Stop loss @ 1.2920
Target @ 1.3200
nice move up - let's hope it transfers over to the market open on Monday too