We can see marked out on the chart a strong area or support and resistance, we are expecting price to make its way into this zone and when it does we will be looking for a buy... Patients is key in trading and if you don't have any the markets will pull your pants down and shove a rather large hard object somewhere that might hurt.
In this game if you rush into trades you might as well just burn your money ( or give it to me as burning really is wasting it ) my bank details can be provided on request ;p Just remember not to chase trades and instead let them chase you... a little bit like playing kiss chase as a kid, you didn't want to chase the ugly kids ( bad trades ) but if the good lucking kid ( good trade setup ) came after you then you would suddenly forget how to run and take the kiss ( pips/ money ) like a trooper haha.
I know I have an unorthodox way of explaining trades and setups, but I'm just trying to make things more fun, so I hope you like them :) If you like my style then drop a comment in the comment section and let me know.