Possible long trade forming up. I will place pending order like this:
Entry price: 1.34049
Profit level: 1.34929
Stop loss: 1.33463
Daily uptrend – so we are looking to buy.
On 4 hour timeframe we have our possible entry.
Price has steadily climbed upwards and now has made a little pullback to support area (green horizontal line). It also contacted trendline (dotted green line). So we have two areas where price will have trouble getting through. Now the last candle is showing signs of indecision which means that it might start to climb up again.
We will place a pending order and when price moves up we will enter a long trade.
Risk to reward ratio is a healthy 1.5:1 which means we risk 1 to win 1.5. ( green and red boxes on the chart)