1. Current Trend Analysis
If the pair is in an uptrend or showing signs of bullish momentum, a long position is more favorable.
Look for support levels near the entry point, such as recent lows or Fibonacci retracement levels, to provide a better base for a long position.
2. Entry and Exit Points
Entry: A good entry would be around a key support level where the pair has shown repeated rebounds, with a clear signal (such as a bullish candlestick pattern) indicating a reversal.
Take Profit: For a 50-pip target, select a level near a recent high or a resistance level that aligns with the uptrend, like a previous swing high.
Stop Loss: Place a stop loss below the support level or recent low (at least 20–30 pips below) to protect against a reversal.
If the pair is in an uptrend or showing signs of bullish momentum, a long position is more favorable.
Look for support levels near the entry point, such as recent lows or Fibonacci retracement levels, to provide a better base for a long position.
2. Entry and Exit Points
Entry: A good entry would be around a key support level where the pair has shown repeated rebounds, with a clear signal (such as a bullish candlestick pattern) indicating a reversal.
Take Profit: For a 50-pip target, select a level near a recent high or a resistance level that aligns with the uptrend, like a previous swing high.
Stop Loss: Place a stop loss below the support level or recent low (at least 20–30 pips below) to protect against a reversal.
Trade closed: target reached
PROFIT ACHIEVED
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.