pulls back to the 50 SMA
, and to the 50% Fibonacci retracement
from a recent swing low to swing high. Price is also above the 200 EMA
. I found these factors, as well as the general behavior of the candlesticks
on the daily and 4 hour timeframes, enough to warrant taking the risk here to put on a trade. I'm set to go long at 8020, with my stop at 7970 and my target profit at 8300. I'm risking 50 pips to gain 280, for a reward/risk of 5.6.