There is a consolidation rectangle pattern that has developed for the last days.
There are 2 possible simple scenarios.
1, Aggressive entry for buy, on candle close above rectangle. If you look at the daily chart you will se that this is a trade in the trend direction.
2, Aggressive entry for sell, on candle close under the rectangle. Attention is required for false breaks.
SL - Recommended size is 1 ATR from 4h timeframe. There is no need for large SL, because on both scenarios, if SL is hit, than the moves will be interpreted as false breaks, and it will invalidate the setup.
TP - 3 or 4 times RR
Don't stumble trading. Trade Safe!
There are 2 possible simple scenarios.
1, Aggressive entry for buy, on candle close above rectangle. If you look at the daily chart you will se that this is a trade in the trend direction.
2, Aggressive entry for sell, on candle close under the rectangle. Attention is required for false breaks.
SL - Recommended size is 1 ATR from 4h timeframe. There is no need for large SL, because on both scenarios, if SL is hit, than the moves will be interpreted as false breaks, and it will invalidate the setup.
TP - 3 or 4 times RR
Don't stumble trading. Trade Safe!
Trade active:
i am considering the last attempt to break the channel in the downs side as a false break, so i am risking 1R for a buy trade with 3RR in the anticipation of a break in the upside.
Trade closed: stop reached