Entry price: 78.154
Take profit: 78.807
Stop loss: 77.720
Risk to reward 1.5:1
Here we might even go bigger because next resistance level is far away.
Daily trend is up – so we are looking to buy.
Chart on H4
Price has retraced back to the support area. Two candles inside the red circle show signs of indecision. This means that price doesn’t have enough power to smash through support and might turn around and go up again. So we place a pending order a little bit higher than those indecision candles.