Another one of my student trades, looking to go long for the reasons said below.
40 pips stoploss
140 pip gain.
1. Bullish pattern
2. Whole number
3. EMA'S closer together, tells me that the momentum is going bullish
4. Adjustment needed in the market. (Correction)
This has retraced to resistance, looking for it to reject this level and push lower. Target is 1.63124, there are a couple of supports between current price and this target but lots of bearish momentum with this.
Wait for the retest of the bright blue-green declining trendline on the 1HR chart and enter on success
Looks clean, initial TP will be at the previous swing highs as indicated
Depending on momentum at this point may leave in 30% to try to run higher as the shape height suggests the TP should be nice and high
Stops just below a key SR level, not risking more than...