On H4,
1. A key resistance level . coinciding with 50 Fibonacci retracement . Multiple rejections.
2. MA (50) being tested as a resistance
On H1
1.Divergence on the stochastic
Moreover, it can be seen that it's the first retrace in the trend, 2 more waves in the trend to go. Early in the trend so a greater reward:risk ratio.
Targets 1 and 2 as shown in the chart, will trail for the 3rd target. Stop goes 1 pip+spread above the latest high.
Stop loss will be moved to breakeven when price reaches 107.410
Thanks for reading. Happy Trading
1. A key resistance level . coinciding with 50 Fibonacci retracement . Multiple rejections.
2. MA (50) being tested as a resistance
On H1
1.Divergence on the stochastic
Moreover, it can be seen that it's the first retrace in the trend, 2 more waves in the trend to go. Early in the trend so a greater reward:risk ratio.
Targets 1 and 2 as shown in the chart, will trail for the 3rd target. Stop goes 1 pip+spread above the latest high.
Stop loss will be moved to breakeven when price reaches 107.410
Thanks for reading. Happy Trading
Trade closed manually:
Bullish flag on H4. It's better to close the trade with a 3 pip loss than to follow a trade with less chances of success. Won't go long here as well because that cannot be said for sure either.