I will go long after a retracement to get a better entry level. My buy limits are in place but one could also wait for a confirmed bounce off the (or a possible breakout and alternative reversal scenario!).
My 2 targets are at previous structure levels (the coloured channels). SL will be below the current "up" that has formed (which could turn out to be more/less inclined as the one I drew!!), hoping it will hold. The SL is also below a previous structure level and the 1.1200 level (some extra wiggle room).
As long as the up-trend contninues I will be looking to add to my positions (after e.g. a bounce off the ).
The red arrow scenario is a possible extension, to be bought into after retracements, only if the current up-trend continues...
Arrows are ofcourse only there for illustration purposes and in now way aspire to be predictions of the possible move up!
I will be watching out for signs of a possible false breakout and reversal scenario, i.e. when for instance the doesn't hold I might be looking for shorts.
Hope it goes down deeper though so I can get a good entry for a long..., currently aiming at entering around 1.1330, 1.1308 and 1.1285.
If we go down deeper then we might be breaking the current "up" trendline which could make me reconsider my upward bias for the next days...
I also entered a buy limit order for re-entry long at 1.1305, SL @ 1.1275, 1 TP @ 1.1447.
Will be watching PA closely after the opening on Sunday evening and I might enter long at market at a higher level if I suspect the retracement could again be limited.
I'm still a bit pissed that I missed the entry earlier today, so close, only 5 pips, damn, damn...
Based on divergence on the 15M and 1H (not yet fully developed...). Not without risk this one, for more agressive traders!!
Risking only 0.5% on this one.