EURUSD is currently on a bearish flag and has 3 possible setups; 2 breaking the flag to the upside and 1breaking to the downside.
Setup #1 (Breaking to the upside):
- When the market price breaks to the upside and has broken the 1.15000 level, you can enter the following order: - But Stop @ 1.15100 - Stop Loss @ 1.48300 - Take Profit @ 1.16000 - Risk/Reward Ratio: 3.33
Setup #2 (Breaking to the upside):
- Make sure that the price breaks to the upside, and touches the 1.1500 level. - Ensure that the 1.1500 level shows a strong resistance. - Once the market price has gone down, you can enter the following sell trade: - Entry Price @ 1.14775 - Stop Loss @ 1.15050 - Take Profit @ 1.13600 - Risk/Reward Ration: 3.08
Setup #3 (Breaking to the downside): - When the market price breaks down to the downside, you can enter the following order: - Entry Price @ 1.14475 - Stop Loss @ 1.14800 - Take Profit @ 1.13600 - Risk/Reward: 2.69000
Cheers! Happy Trading!
Comment
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Sell order entered, however, Brexit might affect the price before reaching the take profit level, hence stop loss is very important in this trade.
Trade closed: target reached
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Target reached with 120 pips from the entry price.