Confluence: FIb retracement hit was .786 so TP is at 127% Fib extension level (.77194) , which is still in the ascending channel. 127% fib extension is in confluence with the weekly resistance. Bullish candle bounced off ascending channel leg , which acts like a form of support. Use trailing stop to have a risk free trade. Hope this helps you.
Reevaluated the market after previous post. Determine Market Structure First ALWAYS. Confluence : Higher timeframes indicate higher higher and higher lows. Price Retraced to .618 level on 4HR Chart (.76064) which was a previous resistance now support level Target TP is 1.272 Fib extension level ( 4HR Chart .77668 ) 5:1 Risk Reward
Confluence: 1. Looking for price to rally back around the 114.00 level then continuing the uptrend. 2. Price hasnt retested its breakout yet on the higher timeframe (daily) 3. Key level is the weekly support 114.00 4. Head and shoulders on the 1HR chart indicating probable rally downward before continuing uptrend. 5. Probable tps