Please note the following rules below for entry:
- The 1.11800 level remaining as support
- Enter on momentum
- Watch for resistance at around 1.12290 and 1.12460.
- Profit whatever you can get, but the two levels of resistance mentioned above could be good targets
- Stops at around 1.11300
This trade will lose its potential if first rule becomes no longer applicable. For example if the 1.11800 level fails to hold as support and the market gains enough momentum to break down.
You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.
If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.