Explanation : This is a long term trade with 5 confluence
Confluence 1 : Bull Trend Line on the Daily Chart
Confluence 2 : Historical Minor Support line dating from December 2018
Confluence 3 : Fibonacci Retrace aligning at 61.8% on confluence 2
Confluence 4 : Historical Minor Resistance line line dating from November 2018
Confluence 5 : Awaiting Retest as well as hammerhead candlestick on confluence 2 for a buy limit entry of 1.67725
Details as follows :
Position : Long
Buy limit : 1.67725
Take Profit 1 : 1.17930 (50%)
Take Profit 2 : 1.78000
Stop Loss : 1.66700
Risk : -102 pips
Take Profit 1 Reward : 420 Pips
Take Profit 2 Reward : 1028 Pips
Confluence 1 : Bull Trend Line on the Daily Chart
Confluence 2 : Historical Minor Support line dating from December 2018
Confluence 3 : Fibonacci Retrace aligning at 61.8% on confluence 2
Confluence 4 : Historical Minor Resistance line line dating from November 2018
Confluence 5 : Awaiting Retest as well as hammerhead candlestick on confluence 2 for a buy limit entry of 1.67725
Details as follows :
Position : Long
Buy limit : 1.67725
Take Profit 1 : 1.17930 (50%)
Take Profit 2 : 1.78000
Stop Loss : 1.66700
Risk : -102 pips
Take Profit 1 Reward : 420 Pips
Take Profit 2 Reward : 1028 Pips