- Nice rejection of the daily drawn across the last 2 higher lows. Price has made higher highs through September so the higher timeframe is definitely for me.
Lower Timeframe - Price has broken the 1hr and produced a higher low and higher high over the last few trading days. Price is now pulling back in to the daily and 1hr supporting price. I am looking to enter a long position if prices reaches the coloured zone on the chart.
This zone would be a bounce off the daily level, 0.786/0.618 fib retracement levels, 1hr to hold strong and a higher low to form.
By entering on the 1hr timeframe I can get a fairly tight stop loss and then swing trade the daily trend up to new daily highs. This could see price reach 1.80 next!
With a 45 pip stop loss and target profit at 1.80 this could return a mega 25:1 RR before any scaling in.