Price is moving in a channel. The corrective structure which looks more like a wedge has finally broke, forming an inside bar formation after the break. I placed my buy stop order at the top and the SL at the 50% retracement of the mother bar. I expect the price to move to 1370 area.
This might be the end of the corrective structure. Although short term momentum is still down we can see a strong engulfing pattern at the weekly level. I will try to get a better entry at the 50% retracement of the engulfing candle.
Weekly level is still holding, after a 3 candle corrective move it formed an engulfing pattern. I placed a limit order at the 50% retracement level of the engulfing pattern. If the price will continue to move higher I might look for continuation patterns on smaller time frame. If the price will move 2R from my entry point then the entry will no longer be valid.
Price reacting from 50% of the last impulsive move, which was a reaction from a weekly level. I placed a limit order at the 50% retracement of the engulfing candle. This allows me to have enough profit margin. Expecting the price at 1.2440 area and even higher.