Although this post is intended for the shorter term, even if we look at the bigger picture (Weekly TF) I can spot an Expanded Diagonal correction and we would now be at the final 5th leg of the sequence going up towards the upper level of the Diagonal. I will be posting the weekly chart for reference. Also as further confirmation we can see the formation a relatively long Hammer Candle could indicated bullish bias building up.
Trade safe and implement your own due diligence before executing a trade.
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The Weekly view
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My personal details for this post: E: 1.6790 SL: 1.6710 (80) 1st Target:1.7000 2nd Target: 1.7170
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For risk and money management purposes, always determine based on your stop loss your risk exposure not to be above 2% For example on a $50,000 account, this would be equivalent to 1,25 Lots This is set to be used as an example and in an educational manner.
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Targets and closure of positions may be subject to change during the course of the trade. This is due to the ever-changing and unpredictable nature of the market.