Since my bias is , I need to find a value entry point for taking a trade. If we get a substantial retracement, the region near 1.0500 looks perfect. It would allow for a good logical stop. I will be following price action in this area to see if this materializes. As for target, there is very little previous price action in this area and I had to scroll back to Dec 2002 to find a significant level of 1.0130. That is 370 pips away so perhaps having 2 trades with different profit levels is the way to go. If this works as per my expectations, we could be looking at a potentially 3.5-4R trade.
If, however, price starts reversing, that would negate my analysis. I will not be interested in going long just yet. Waiting and watching until I can be confident of a trend reversal will be the way to go.
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Always use sound money and risk management and stay patient in all your trades.
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