I had an unpublished trade I took this past week where I went long on the confluence of a bounce off the upward trendline in blue and the breakout of the bullish reversal wedge shown in purple (about 100 pips secured).
The market closed sitting above a key support area around 1.18600. My current idea relies on the price respecting this level but breaking out of the confines of the lowermost downward trendline. A conservative approach to the entry may be to enter when the price closes significantly above the region in purple or to wait for a retest of the trendline.
TP1 is at 1.20700
TP2 is at 1.21700
Stoploss may be placed below the 1.8600 support area.
What are your views? Please leave a like and a comment if you agree. Or even if you don't lol.
Happy trading week.
The market closed sitting above a key support area around 1.18600. My current idea relies on the price respecting this level but breaking out of the confines of the lowermost downward trendline. A conservative approach to the entry may be to enter when the price closes significantly above the region in purple or to wait for a retest of the trendline.
TP1 is at 1.20700
TP2 is at 1.21700
Stoploss may be placed below the 1.8600 support area.
What are your views? Please leave a like and a comment if you agree. Or even if you don't lol.
Happy trading week.