Breakout trade setup.
Nice base formed if it breaks out possibility of retest of daily trend line.
1. Wait for breakout,
2. Retest of trend breakout or retrace. Enter the retrace
3. Stops has to go below the base around 1.46470s
4. Trade dual lot, take first profit at r1 and move stop. Manage your trade from there on.
note: This is assumption...
Higher time frame, weekly shows up trend
Daily did not close below previous low (1.44258) this analysis will be void if candle close below this level
Cypher pattern based entry,wait for retrace
TP 2 calculated based on Fib extension XC leg
Couple of long term trade setup:
1. Bearish Butterfly pattern - Price retested 2014 high. Now retracing, reenter trade as short when price retraces from current level may be @ 618 level of C. Stop loss above C and Target 1: 1.87607 (Fib .382 level of BC) and Target 2: (Fib .50 level of BC. Long term trade setup can take all the way down to Cypher Pattern C-D...
Price retraced to .382 Feb level from the low formed 12-19 and now potential trend reversal based on couple of confluence
1. Price retraced to .886 of A to B
2. Bullish engulfing candle at @ Fib levels
Target 1 set based on structure and
Target 2 set based on Feb extension
SL goes below low of 12-19, if target 1 meet then move sl to break even and your second...