System C's EURAUD trade reason
Gold arrow: Entry price
Red arrow: Stop loss price
Green arrow: Take profit price
Trade Setup:
EURAUD formed a major channel in the hour 1 and hour 4 timeframe.
Trade confirmation:
Price touched the top of our channel.
Trade reasons:
1) price touched the top channel
2) Good risk-reward ratio ( 1 - 2.54)
Take profit reasons:
1) There is a strong resistance/support in the middle of the channel
2) Take profit level was set there to to not over estimate market trend.
Stop loss reasons:
1) Stop loss level was set to be above the top of the previous wick.
2) If price breaks the wick, it might be a breakout of a channel
Gold arrow: Entry price
Red arrow: Stop loss price
Green arrow: Take profit price
Trade Setup:
EURAUD formed a major channel in the hour 1 and hour 4 timeframe.
Trade confirmation:
Price touched the top of our channel.
Trade reasons:
1) price touched the top channel
2) Good risk-reward ratio ( 1 - 2.54)
Take profit reasons:
1) There is a strong resistance/support in the middle of the channel
2) Take profit level was set there to to not over estimate market trend.
Stop loss reasons:
1) Stop loss level was set to be above the top of the previous wick.
2) If price breaks the wick, it might be a breakout of a channel