My conditions for entry are -
If and only If that support (1.0949) is broken and if dips below 30
I will look to enter short
enter at 1.0883
with a stop loss of 1.1023
and a target profit of 1.0610
Conditions for modifications and edits:
I will look to exit half my position at 1.0735 and at the same time bring my stop loss to a break even lvl .
If the trade does not get entered and price clearly starts to bounce off that support (1.0949) I will look for short term trades to buy.
CPI numbers in the following week for both currencies will create at atmosphere of , which can lead to tight stops being taken out and also can lead to many false breakouts on lower time frame charts.
As always- TRADE SMART.