Based on a weekly structure, price is attempting to form a liquidity wick to push this weeks candle up.
My idea is:
I looked through different time-frames to see where price could potentially stop and reverse back up, 136.200 was a common level on M15, M30, H1 and H4.
So now that i had a bottom, i needed to find a top and the weekly Resistance level @ 138.200 was the best exit level assuming that this weeks candle will go bullish.
If i'm stopped out, the next potential support could be 136.000 where i will take the same entry on rejection of this level.
I will be adding on my position at different price point breakouts to the top @ 136.800, 137.000 and 137.500 with most of them aiming to go to 138.000.
My idea is:
I looked through different time-frames to see where price could potentially stop and reverse back up, 136.200 was a common level on M15, M30, H1 and H4.
So now that i had a bottom, i needed to find a top and the weekly Resistance level @ 138.200 was the best exit level assuming that this weeks candle will go bullish.
If i'm stopped out, the next potential support could be 136.000 where i will take the same entry on rejection of this level.
I will be adding on my position at different price point breakouts to the top @ 136.800, 137.000 and 137.500 with most of them aiming to go to 138.000.
Comment:
Set the SL to +2 pips above break-even
Trade closed: stop reached
