Reference on Daily Long term trend has changed towards the upside. Currently in a consolidation phase and anticipating further upside.
Entry on 4H Short term down TL broken and rested on. Limit order on previous resistance turned support triggered with confluence of 30 and 150 SMA.
0.5% capital risked for potentially 7.5R.
Entry: 113.2 | Stop loss: 111.9 | Target Profit: 123
Trade Plan: Once price hit the resistance (at swing high of flag) shift stop loss to break even and standby for break out. If failure, SL waiting at break even. Could look to add into the positions of it’s winning and there’s opportunity.
Psychology and emotions – Could possibly be a long term trade. Have to muster the patience.