What we can see on this 15min chart:
Firstly, We can see from the chart that EURUSD has broken above the bearish trend cloud and is now retesting the Bullish cloud support which indicates a possible uptrend
Secondly, based on the price action as indicated on my graph, we can see a formation of Low -> Higher Low -> Higher Low and High -> Higher High -> Higher high
Thirdly, We can see that there is a bullish trendline on 15 min, so long it doesn't get broken, it is valid.
Fourth, my buying area would be in between of the bullish cloud and on a strong support which I will likely place a buy stop.
How will i decide when to enter?
1. It MUST reject trendline after retesting on 15 min TF
2. It MUST show weakness in bearish candlestick unlike what we have on the chart of three black crow and following multiples of bearish candlestick
3. 5min timeframe should show at LEAST 3 candlestick rejection to break below the Zone of support.
My targetted tp reason:
1. I am aiming for the resistance above
2. The circled candlestick(pair) seem like an order block to me? hence i would aim to hit my target there, and take MAJORITY of my profits and leave the rest running at 1:2 RR
3. I might intend to sell at the resistance.
My SL reason:
1. Below a zone with 3 15min candlestick rejection
2. Slightly below the zone just incase of a wick out :)
Hope this make sense, do fill me up with ur opinions and thoughts on this trade and how i can improve further too
Firstly, We can see from the chart that EURUSD has broken above the bearish trend cloud and is now retesting the Bullish cloud support which indicates a possible uptrend
Secondly, based on the price action as indicated on my graph, we can see a formation of Low -> Higher Low -> Higher Low and High -> Higher High -> Higher high
Thirdly, We can see that there is a bullish trendline on 15 min, so long it doesn't get broken, it is valid.
Fourth, my buying area would be in between of the bullish cloud and on a strong support which I will likely place a buy stop.
How will i decide when to enter?
1. It MUST reject trendline after retesting on 15 min TF
2. It MUST show weakness in bearish candlestick unlike what we have on the chart of three black crow and following multiples of bearish candlestick
3. 5min timeframe should show at LEAST 3 candlestick rejection to break below the Zone of support.
My targetted tp reason:
1. I am aiming for the resistance above
2. The circled candlestick(pair) seem like an order block to me? hence i would aim to hit my target there, and take MAJORITY of my profits and leave the rest running at 1:2 RR
3. I might intend to sell at the resistance.
My SL reason:
1. Below a zone with 3 15min candlestick rejection
2. Slightly below the zone just incase of a wick out :)
Hope this make sense, do fill me up with ur opinions and thoughts on this trade and how i can improve further too
Currently running in profits of Risk: Ratio
0.5 : 1