Direction: - Held last weeks low on the H4 & H1. This price action indicated it was going to move from a Cycle to a Cycle. Furthermore, it was at the last level of a Cycle, so it was due to reverse.
- Reversal Multi-Session W ( ) pattern on the 29th June indicated the new low of the cycle (Peak Formation Low, PFL ). This gave me more confidence to long today.
Entry: - W ( ) pattern formed on the M15 and H1.
- Low was held for multiple hours during the day. This price action indicated the low was most likely not going to be broken, especially as they came back for it but then RR (railroad) tracked back up.
- Shark-fin ( crossed back into the bands) on the first leg of the pattern which confirmed price wanted to move back up.
- MBL (Market Base Line) started to point upwards on the second leg of the pattern, which most likely confirms a rise in the pair.
- Candle closed above the 13 which confirmed my long entry on this pair. (This is where I entered).
Exit: - SL @ 26 pips (7 pips below low of the day)
- TP 1 @ 46 pips (just below YH)
- TP 2 @ 81 pips (just below the 800 ).
- Both YH (Yesterday's High) and the 800 are resistance points that they may have bounced off.