This is a Pattern completing at 3.4500 but I will be front-running my orders to make sure I get filled on this trade. The EURTRY has been in an uptrend for a long time now but it hit a level of resistance in back-to-back months late last year. I am expecting that the same level of resistance will hold making for a good sell trade for confluence.
The stop loss will be placed tightly above above the X leg as this pair has been in an uptrend forever which is used as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Risk: 1000 pips x 2 = 2000 pips
Reward #1: 1700 pips. R:R = 1:1.70
Reward #2: 2750 pips. R:R = 1:2.75
Plan your trade... Trade your plan.