Just like the title suggests I expect price to make one more move to the downside, enter the potential reversal zone (PRZ) and take off from there.
In my opinion the price is just in consolidation mode now, preparing for yet another impulse up.
My initial target will be at the Swing High, should there be an entry.
I will update the post as to when I will be entering.
For risk and money management purposes, always determine a max. of 2% risk on every trade. For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss. Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market. This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
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will be entering on the next 5m trend candle to form
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Buy stop set @ 1.1629
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Stop loss @ 1.1625 Target @ 1.1638
Trade active
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buy stop got triggered
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stop loss moved to 1.1628 cutting down my risk to 1 pip
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stop loss moved to break-even
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i am now 6.5 pips in profit - will consider if closing before target 1.1638
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2 pips away from target
Trade closed: target reached
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target hit
profit of 9 pips
back at it tomorrow
Trade safe and stay disciplined
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a textbook trade - goes to show how well support and resistance work for setting targets
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price surged even more - too bad not in it but still happy with what I made, correctly following my plan