Why is this setup good?
Entry rules:
Trade management
-Move S/L to break-even when price CLOSES above 76.70
Exit rules:
-Target 79.58 (Risk-Revard ratio ~3.41)
- Strong contextual uptrend
- Price continues moving in the direction of main trend since it bounced at support EMA(100) and EMA(50)
- Momentum building on MACD 12-26, MACD signal line crossed the 0 line
- First reaction (contraction) since MACD crossover
- Trigger Candle testing EMA 3, 6 and 18
- Low Setup Risk - just 1.29% in risk
Entry rules:
- Buy Stop order or Manual Buy at 79.58 at the next interval(candle) open
- Cancel the order at the end of the day if 79.58 does not get triggered
- Stop Loss (S/L) level at 75.26 (adjust position size accordingly, don't risk more than 3% for your current account balance)
Trade management
-Move S/L to break-even when price CLOSES above 76.70
Exit rules:
-Target 79.58 (Risk-Revard ratio ~3.41)
Сделка закрыта: достигнута стоп-лосс цена
- Interval bar closed close to S/L. Either it will reverse or hit the S/L. Let's see.