1) Price broke above the TSE range, unfortunately missing the buy setups on the lower TFs such as 1m and 5m. Price is now showing some weakness at the top.
2) Price is above all 3 Moving Averages as well as , however I do expect price to come back down for a retest which is why I am biased towards short setups
3) Major resistance at 1.1825 should the price continue higher
Stay tuned for the updates below as I will post when I will be actually entering the market.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.