Here is a new trade setup. I will be taking this trade when it triggers.
Price action has bounced off a major trend line is an indication price may be ready to start moving higher. Price then moved higher to form an engulfing candle indicating a new higher high had been made. Next price action formed an Harami candle indicating price action may be ready to move higher from here. Should today's candle form a bullish green candle making a higher high and a higher low will help to confirm a new upward trend has started.
Long Entry : Set at 5 pips above the higher high (HH).
Stop Loss : Set at 7 pips below the low of the bullish rejection candle
Take Profit : Set at 3:1 Reward to Risk ratio
Risk: 1% of account balance
Price action has bounced off a major trend line is an indication price may be ready to start moving higher. Price then moved higher to form an engulfing candle indicating a new higher high had been made. Next price action formed an Harami candle indicating price action may be ready to move higher from here. Should today's candle form a bullish green candle making a higher high and a higher low will help to confirm a new upward trend has started.
Long Entry : Set at 5 pips above the higher high (HH).
Stop Loss : Set at 7 pips below the low of the bullish rejection candle
Take Profit : Set at 3:1 Reward to Risk ratio
Risk: 1% of account balance
Comment:
Stopped out! Not all trade setups will work out.