This is a risky trade as it is against the impulsive direction and the trend is currently nonvolatile with a very steep 20EMA angle,
However the 1.414 level has help up against 6 attempts lower and they all have returned price to the top of the range.
Risk reward is close to 1:6 so the potential pay off with the probabilities combined justifies the counter impulsive trade.
However the 1.414 level has help up against 6 attempts lower and they all have returned price to the top of the range.
Risk reward is close to 1:6 so the potential pay off with the probabilities combined justifies the counter impulsive trade.
Comment:
Entry missed by 10 pips for now, we may see another attempt lower with a 20EMA bounce so holding entry for now