on the 1 hour time frame. Lot of buys happened recently on this pair and the Fibonacci Retracement
tool is a go to right now. If you don't know how to use it I would time some time to practice. Currently this pair would be a good pair to practice on. Sentiment is overall a strong bullish
. Fibonacci buy order at the 38.20% level. If price doesn't hit it than it doesn't. If price does I will be in the trade. I am expecting price to consolidate at this level and then make a move to the upside. The probability of price moving past 50.00% is slim but still possible. Stop loss is set past it and my risk is on the safe side. The decision to set a stop loss is determined by ones risk/reward profile. There are multiple confluences currently present in the market and it seems as if it is an opportunistic trade.
Profit: 51.1 Pips
Stop: 17.0 Pips
Risk/Reward Ratio: 3.01