Furthermore, since the beginning of October, the price action seemed to be consolidating between the bottom zone and the first resistance around (i.e. 1.012). The 1.012 area could be considered as a first profit target before further upward movements.
Risk management : to anticipate a potential downward movement, a stop loss can be set around 0.936 which is just below the last bottom (i.e. 0.941) on October 9th . Considering the actual entry price (i.e. around 0.961) and a second profit target (resistance around 1.071), this gives traders a good R/R ratio of about 4.83.
If the price actually goes as predicted, traders should keep a trailing stop to keep some profit
N.B : since it is difficult to predict every market movement, it is suggested for traders to only look for trades with a R/R ratio of at least 1:3. Remember, trading should be kept simple in order to survive.
I will keep updating this trade according the future price action.
Fellas, please support this idea with your likes, thanks.