Week 7 Trade 1 EU Long
Updated
Reasons for entry:
- Possible double bottom (4hr/daily timeframe)
- Price has fallen significantly without any pullback or correction
- Price is loosing momentum
- Morningstar candlestick formation on the 1hr timeframe
Entry Timeframe:
- 1hr Morningstar formation
- @1.1278
Stop Loss:
@1.1266 (-12pips)
Take Profit:
Target 1 @1.1350 (+72pips) = Risk/Reward : 1:6
Target 2 @1.1420 (+142pips) = Risk/Reward : 1:11.8
Notes:
- Tight SL, will look to add a second entry should price break and close 1.1300.
- If price fails to break above 1.1300 I will either close the trade in slight profit or move my SL to BE (Break-Even)
- Possible double bottom (4hr/daily timeframe)
- Price has fallen significantly without any pullback or correction
- Price is loosing momentum
- Morningstar candlestick formation on the 1hr timeframe
Entry Timeframe:
- 1hr Morningstar formation
- @1.1278
Stop Loss:
@1.1266 (-12pips)
Take Profit:
Target 1 @1.1350 (+72pips) = Risk/Reward : 1:6
Target 2 @1.1420 (+142pips) = Risk/Reward : 1:11.8
Notes:
- Tight SL, will look to add a second entry should price break and close 1.1300.
- If price fails to break above 1.1300 I will either close the trade in slight profit or move my SL to BE (Break-Even)
Trade closed: stop reached
SL Hit -12pips, will continue to wait for another opportunity to enter
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