I can see price has made a retest of the broken trendline while also looking to be bouncing from a support level too. As I have a SELL LIMIT in place on this pair at the 0.78 fib level it makes sense for me to be placing buys.
This trade is attempting to catch the continuation to the downside as price has reached an important ascending trendline. Price had made a lower high on two occasions so we are anticipating the third.
Due to the fact on the higher time frames (1W & 1M) this pair looks to be bullish I will be using a smaller stop loss than normal
Always use 1-2% risk per trade...
Price has reversed sharply from a major reversal zone indicating that we are to see a big swing to the upside. On the Daily time frame, we can see a very strong pin bar candlestick being formed, which also suggests that the price is going to end the week on a high.
Price has been very bearish since the beginning of the week with little to no pullback. This trade is designed to be trading the continuation to the downside as price looks to be making a retest of a major reversal level. Our SL is above 0.23 level on the Fib. Always use 1-2% Risk managment.