Hi Trader,
We have a potential double bottom forming at previous structure. Looking left on the chart you can see that price has respected this level in the past. Additionally, we have confluence with a 61.8% fibonacci retracement right there at structure.
As this is a Daily chart setup, the stop is a lot wider than my usual setups, around 250 pips. Targets are 1.36 and 1.3950 once target 1 is reached roll stops to breakeven.
Good trading,
Luke
We have a potential double bottom forming at previous structure. Looking left on the chart you can see that price has respected this level in the past. Additionally, we have confluence with a 61.8% fibonacci retracement right there at structure.
As this is a Daily chart setup, the stop is a lot wider than my usual setups, around 250 pips. Targets are 1.36 and 1.3950 once target 1 is reached roll stops to breakeven.
Good trading,
Luke