Possibility of retest of support structure and 61.8 Fib.
Should be enough momentum to reach the blue zone.
Risk:Reward scenarios included for good Risk management. Adjust according to your account currency and risk tolerance.
Potential long trade for EU. Provided that price makes a clean break through my Order Block & the trendline before coming to retest it. This is where I enter with a BUY LIMIT Execution (as long as the trade has not been voided before this step). 15 pip SL, 210 pip TP. This is a potential 14RR trade, close half at 5RR (75 pips profit) to secure profits in case of a...
Price has come to meet a daily resistance, and has also broken out of a trend and come to retest that trend with successful rejection. A good opportunity to go SHORT with an 11 pip stop. 5 RR, meaning risk of £1000 using a 12.00 lot size (GBP account) with £5000 reward if TP is hit.
Here we have a short-term bullish trend coming to meet a weekly trendline. During its ascent, price formed multiple resistance levels that it eventually broke through. Now I am waiting for signs of rejection when it meets the long term trendline (zoom-out on a higher timeframe to identify it) to see opportunities for Short entries. This may be a bearish engulfing...
