I drew in this on a Renko chart because it looks a bit cleaner than on the standard candle chart. Completion as always for a is at the . of the impulse leg.
You'll see that I drew in 2 X-points to show that it doesn't really matter which one you choose to determine the . .
D falls at the confluence of
. of X1 - A leg
. of X2 - A leg
. of Y - A leg
of A-B leg
A reversal at this point could bring us back to the . of AD (163 pips) - which aligns nicely with previous structure high (B). Given the buying pressure the second target at the . is less likely to be reached. Nevertheless, If you roll the stops to Break Even after reaching target 1, you can still aim for target 2 (265 pips) without running any risk.
Stops as always go above X according to your personal trading plan but I would certainly advise a minimum of 20 pips in this case, which would place it around 1.1660 (80 pips)
All in all, a nice potential setup with a 2/1 RR for T1 and bigger than 3/1 for T2.
May the pips be with you !
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