SETUP: Support, Trendline (bottom of the daily ascending channel) and Price is at the bottom of the descending channel.
Entry: Looking to enter within the circled area. That is only my estimated entry position based. Price action needs to confirm entry. Minor retracement on a smaller framer would be ideal.
SL: Possibly less than 25 pips depending on where the entry position is. (1% of account risk).
TP 1: 1.1425. (First Resistance zone meeting with descending channel trendline).
TP 2: 1.148. (4hr Resistance zone).
TP 3: 1.156. (Daily Flag pattern Trendline).
Note: Price can just continue pushing south to complete the upside down Daily flag pattern.
Entry: Looking to enter within the circled area. That is only my estimated entry position based. Price action needs to confirm entry. Minor retracement on a smaller framer would be ideal.
SL: Possibly less than 25 pips depending on where the entry position is. (1% of account risk).
TP 1: 1.1425. (First Resistance zone meeting with descending channel trendline).
TP 2: 1.148. (4hr Resistance zone).
TP 3: 1.156. (Daily Flag pattern Trendline).
Note: Price can just continue pushing south to complete the upside down Daily flag pattern.