On the EUR/USD
, I have entered a trade on the 4 hour chart seen above. The 4 hour time frame is being used as an entry for the weekly time frame. I have clearly chosen my entry at 1.10286, with a stop loss of 1.1017. This stop loss was chosen, as an exit point, because it is below the last 4 hour candle closed, which was a doji
dragon fly, on the LR 50 Bottom. Also it just sits above the 200 MA line.
I will look to take profit at 1.01191 mark, which marks the LR100 top. I am looking for the LR50 to carry price upward.