This is a basic range set-up with horizontal support and resistance areas. resistance held three times which confirms the horizontal trend line and support held twice which validates the lower trend line and completes the range. when Stochastic reaches overbought territory and prices hold the support line at 1.28660, this signals a bounce and when price convicingly breaks the 1.28660 support line, that could very well signal a breakout. Pivot Points help determine price targets
scenario #1
buy @ 1.29590
s/l @ 1.28300
t/p @ 1.32320 and 1.33631
Scenario #2
sell @ 1.27610
s/l @ 1.28840
t/p @ 1.25234 and 1.22903
scenario #1
buy @ 1.29590
s/l @ 1.28300
t/p @ 1.32320 and 1.33631
Scenario #2
sell @ 1.27610
s/l @ 1.28840
t/p @ 1.25234 and 1.22903
Trade closed: target reached:
Scenario #2 played out to the letter. well done to go guys who went short for this one