Based on a weekly structure, price is attempting to form a liquidity wick to push this weeks candle up.
My idea is:
I looked through different time-frames to see where price could potentially stop and reverse back up, 136.200 was a common level on M15, M30, H1 and H4.
So now that i had a bottom, i needed to find a top and the weekly Resistance level @ 138.200 was the best exit level assuming that this weeks candle will go bullish.
If i'm stopped out, the next potential support could be 136.000 where i will take the same entry on rejection of this level.
I will be adding on my position at different price point breakouts to the top @ 136.800, 137.000 and 137.500 with most of them aiming to go to 138.000.
My idea is:
I looked through different time-frames to see where price could potentially stop and reverse back up, 136.200 was a common level on M15, M30, H1 and H4.
So now that i had a bottom, i needed to find a top and the weekly Resistance level @ 138.200 was the best exit level assuming that this weeks candle will go bullish.
If i'm stopped out, the next potential support could be 136.000 where i will take the same entry on rejection of this level.
I will be adding on my position at different price point breakouts to the top @ 136.800, 137.000 and 137.500 with most of them aiming to go to 138.000.
Note
Set the SL to +2 pips above break-evenTrade closed: stop reached
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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.