Looking for short trade at 1.65200
Potential Trade Setup:
Entry:
In a strong bearish trend, one might look for short opportunities on rallies or pullbacks. A conservative entry point would be on a pullback to a key resistance level, such as 1.65200, provided there's bearish confirmation, like a rejection candlestick pattern.
Stop Loss:
The stop loss could be placed just above the resistance level to ensure we're out of the trade if the trend reverses. An appropriate stop loss might be around 1.65500, giving enough room to account for market noise.
Take Profit:
For the take profit, we could target the next psychological level or support area. If the support at 1.64345 is the next target, a take profit might be set slightly above this at around 1.64400 to account for potential bounces.
This setup suggests that you would be risking 300 pips (from 1.65200 to 1.65500) to gain 800 pips (from 1.65200 to 1.64400), which gives a risk-reward ratio of approximately 1:2.67.
Entry:
In a strong bearish trend, one might look for short opportunities on rallies or pullbacks. A conservative entry point would be on a pullback to a key resistance level, such as 1.65200, provided there's bearish confirmation, like a rejection candlestick pattern.
Stop Loss:
The stop loss could be placed just above the resistance level to ensure we're out of the trade if the trend reverses. An appropriate stop loss might be around 1.65500, giving enough room to account for market noise.
Take Profit:
For the take profit, we could target the next psychological level or support area. If the support at 1.64345 is the next target, a take profit might be set slightly above this at around 1.64400 to account for potential bounces.
This setup suggests that you would be risking 300 pips (from 1.65200 to 1.65500) to gain 800 pips (from 1.65200 to 1.64400), which gives a risk-reward ratio of approximately 1:2.67.
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