which has good support plus a big psychological level @ 1.2800. Good area to look for long trades. Lots of pips to risk on this trade so micro lots will be used.
This is a pattern @ 1.2800 and stop loss will be placed below the X leg which is used as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Risk: 600 pips x 2 = 1200 pips
Reward #1: 630 pips. R:R = 1:1.05
Reward #2: 1000 pips. R:R = 1:1.65
Plan your trade... Trade your plan.