For this long position I have decided to enter on the retest of the last 4H structure candle before the previous impulse (27th August 2PM BST). My exact entry was 50% of this candle body, while also accounting for the spread. One possible stop loss position would be a few pips below the low of this area, with a possible take profit being equal to the high of the previous impulse. Confirmation for the entry comes from
- No clear structure patterns on the 4H or D time frames
- Price had not reached a significant level on these time frames
- Price has created a false breakout of a short term trend line on the 4H
- Price is above the 200 EMA (long term trend is long)
- No clear structure patterns on the 4H or D time frames
- Price had not reached a significant level on these time frames
- Price has created a false breakout of a short term trend line on the 4H
- Price is above the 200 EMA (long term trend is long)