This is a simple break and retest trade.
- We have a 4hr candle close above the resistance zone.
- Wait for a pullback and a retest of this zone.
- Wait for a rejection on the 1 hour or 30 min chart.
- Wait for price confirmation either an engulfing bar or pinbar.
- Buy
- TP1 – 111.05
- TP2 – 111.64
- (This move to the upside then would create an inverted head and shoulders pattern.
Then expecting a pull back from 111.10 back to the 110.80 range to test the neckline.
Will enter another position long if price action rejects the neckline and shows a confirmation candle)
- We have a 4hr candle close above the resistance zone.
- Wait for a pullback and a retest of this zone.
- Wait for a rejection on the 1 hour or 30 min chart.
- Wait for price confirmation either an engulfing bar or pinbar.
- Buy
- TP1 – 111.05
- TP2 – 111.64
- (This move to the upside then would create an inverted head and shoulders pattern.
Then expecting a pull back from 111.10 back to the 110.80 range to test the neckline.
Will enter another position long if price action rejects the neckline and shows a confirmation candle)