In March/April we saw a triple top on EURUSD around the 1.10000 level. Price continued to fall then re-tested aound 1.05650. We then saw a break of structure to the upside, then price reversed and broke structure to the downside and now it looks like we are re-testing off of this 1.10000 structure level. Price also seems to be retesting off of the 50% Fibonacci retracement level.
I have a decent risk/reward ratio of 2:1, however I feel my stop loss should respect structure slightly more and move above the next level of structure around 1.14700. I am aiming for 300 pips on this trade which I think is very achievable if price breaks the next level of minor structure at 1.18200.
I have a decent risk/reward ratio of 2:1, however I feel my stop loss should respect structure slightly more and move above the next level of structure around 1.14700. I am aiming for 300 pips on this trade which I think is very achievable if price breaks the next level of minor structure at 1.18200.