Here's a breakout reversal play for EURHKD. Price has been locked in a range for months and finally broken out. We want to wait for the price to re-test the support area before going long. Enter long on buy limit order or on buy stop with price action signal. As with any trade, nothing is guaranteed. Size accordingly and manage your risk. Happy trading!
Comment:
Made a mistake here. Should be about a 4:1 RR. I meant to adjust for a wider stop at around 8.88795
Comment:
Price is holding right about support area. This presents another entry opportunity. We want to enter a buy stop order around 9.27846. We should set stop loss around 9.10162 and adjust our TP to 10.22643. This now gives us a 5.4 RR.
Trade active:
Hopefully everyone following this trade caught the buy stop entry. Now we hold until it hopefully reaches our target.