ETCUSD is making a series of HHs and HLs aligned with the concept of DOW THEORY and I believe this chart will continue its bullish trend and generate decent profits for me. Additionally, bullish candlestick patterns such as Bullish Inside bar Candles and Three White Soldiers are forming after the recent HH showing buyers/bulls are currently in control of the market making a strong case for continued bullish movement.
My entry point for this trade is 22.381.
SL is set at 21.540 and my TP is set at 23.109.
To take advantage of this rising trend, I have applied another trade but this time TP 2 is set at 23.829 which gives me a risk-to-reward ratio of 1:1.5 for my 2 trades.
OVERALL RISK: approx 2%
{
(TRADE 1 : 115 : approx USD 90 RISK),
(TRADE 2 : 120 : approx USD 90 RISK)
}
REWARD: approx 3%
{
(TRADE 1 : 115 : approx USD 90 REWARD),
(TRADE 2 : 120 : approx USD 180 REWARD)
}
My entry point for this trade is 22.381.
SL is set at 21.540 and my TP is set at 23.109.
To take advantage of this rising trend, I have applied another trade but this time TP 2 is set at 23.829 which gives me a risk-to-reward ratio of 1:1.5 for my 2 trades.
OVERALL RISK: approx 2%
{
(TRADE 1 : 115 : approx USD 90 RISK),
(TRADE 2 : 120 : approx USD 90 RISK)
}
REWARD: approx 3%
{
(TRADE 1 : 115 : approx USD 90 REWARD),
(TRADE 2 : 120 : approx USD 180 REWARD)
}