Each and every week we will put out a trade of the week in hopes of educating you through real time market setups. All of our ideas are for educational purposes only but it is your choice to follow or not.
We are going to choose to take a long position here based upon a few factors. We are a little late to the party on the showing but the held and the pair has bounced. The is still technically valid based upon your rules for where you would set the stop loss. We set out stop loss below the "x" point so it would be valid still for us.
Our first target will be 1.5913 but we will roll to break even once the pair gets to 1.5662. The reason being is there is some good resistance there and we would want to remove all risks. Out stop loss is at 1.5454. If we hit target 1, our second targe will be 1.6118.
Stop Loss: 1.5454 - 128
Entry - 1.5582
Target 1 - 1.5913 - 331
Target 2 - 1.6118 - 536