Possible Long Setup:
- Price need to clear the first trouble area I marked (a complete close above)
- Retrace back to the entry zone, might need to get into H1 to get the entry
- During UK session there was an attempt to break both but go push back down, there is buyer and so the sellers are pushing down hard too.
- It will be better the trouble area @ 1.06698 got clear with small candles forming upward. This will be a good indication showing sellers are fading out.
- Set stop below the support zone
- This trade I am looking for a full reversal due the the price action below the support zone then the fighting about the support zone
Setup Entry#1
Ideal Entry: 1.06546
Stop: 1.06243
TP1: 1.07246
TP2: 1.08579
Setup Entry#2
- Too early to tell
- Looking around 1.06928 area
- If there is setup entry #2 confirm this trade will need to have different money management
- Due to TP1 is way higher than possible Entry#2 price when enter Entry#2 require below formula:
Stop: Entry#1 & Entry#2 have same stop
Risk: Entry#1 positions profit at stop / 2 will be the capital for Entry#2