I will be looking for a retracement of 50% of the impulse move ( point 1 to point 2). Should price moved towards this zone, I will be going long with 1% capital risked.
Considering price is consolidating as such, there is a possibility that price may re- test the and go long from there. I will update my analysis accordingly.
SL (Red line) - Should price move to this zone my edge will be invalidated.
TP (Green line) - Take profit is set at twice the length of the retracement thus creating an opportunity with a 1:2 Risk to reward.