The pair's price has formed unwritten highs on a 1h chart .
The PNF gives a potential target at 123.75.
The correction can start of the 121.50 level, but is less likely, as a bullish market continues.
In case of a non-false 121.50 level breakout, the target is at 123.75 and SL below 121.100
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy)
P.S. Using a small stop losses in my strategy makes them triggered quite often, however, it saves my account from wide drawdowns, and keeps my RRR positive.
The PNF gives a potential target at 123.75.
The correction can start of the 121.50 level, but is less likely, as a bullish market continues.
In case of a non-false 121.50 level breakout, the target is at 123.75 and SL below 121.100
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy)
P.S. Using a small stop losses in my strategy makes them triggered quite often, however, it saves my account from wide drawdowns, and keeps my RRR positive.