Reference on Daily (&Weekly) Trading conditions: Range. Resistance and support based on the weekly timeframe shown above with price currently at the support showing bullish signs. Yes, daily is still in a downtrend but due to price being in a LT range, a swing trade to both sides is possible. Also, a head and shoulders pattern might be in the process of forming.
Entry on 4H Price broke out of a ST downward sloping resistance that lasted three swing highs registering ADX40. It has since pulled back to the initial break out point and is within the 1545TAZ.
Corrective wave line has also been broken.
Entered twice, a limit and stop order, risking 0.5% capital each time.
Range ››› Breakout (ADX40) ››› Crossover ››› Pullback (R to S) ››› Entry within TAZ
[Trade 25A] 0.5% capital risked for potentially 7.4R
Entry: 1.0615 | Stop loss: 1.051 | Target Profit: 1.14
[Trade 25B] 0.5% capital risked for potentially 11R
Entry: 1.063 | Stop loss: 1.056 | Target Profit: 1.14
Psychology and emotions – Trend lines seem respected and moving averages confirm the validity of the drawing. Entered upon confirmation with use of objective strategy.
Stop loss shifted. About 1R secured on each.