Price broke out and gave a thrust bar. Price has come down and a retest of the breakout area at 1.1197 has held. Price should give a move up with a good risk-reward trade setup. Enter long at current price of 1.1204 with a SL at 1.18. We have a consolidation followed by a break. Should be positive.
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Raise SL to cost and hold. We want to allow the price to move above the resistance of 1.2200 after which we will lock in partial paper profits. Traders who have a short-term perspective can close their positions at the resistance and enter again after the breakout.
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Raise SL again to 1.1215, traders who are aggressive can raise SL to 1.2200 and let the trade run. We might see a move to our target zone.
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Raise SL again to 1.2300
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Correction, Please raise SL to 1.1230
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Take half profits at 1.1235
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Place SL on the other half at 1.1245
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SL hit and our trade closed.
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Handsome profit earned for the day. We shall again wait for some good pattern before taking the next trade.