Why is this setup good? -Contextual uptrend -Price continues moving in the direction of main trend since it bounced at longterm support EMA (200) -Momentum building on MACD 12-26 -First reaction (contraction) since MACD crossover -Trigger Candle testing EMA 3, 6, 18, 50 -Good Risk-Reward ratio ~ 5.15
Entry rules: -Buy Stop order or Manual Buy at 57.89 at the next interval(candle) open -Cancel the order at the end of the day if 57.89 does not get triggered -Stop Loss (S/L) level at 55.78 (adjust position size accordingly, don't risk more than 3% for your current account balance)
Trade management -Move S/L to break-even when price CLOSES above 58.11