Upon doing my daily analysis I discovered this potential breakout. We are currently at resistance 0.7770, and we have a Bearish Rejection candle followed by a Inside Candle and lastly the 50 MA is in a uptrend and we are below it. The last alone is a little know but very effective Rubber Band Trade. The way to play this is to enter on a break of the IB 0.7773 and set your stop just below at 0.7730 with a TP at the 50 MA as the minimum. A 4 rr is quite possible.
Note
To those of you who took this trade and have a conversative and wise approach to mm. We are now up 2 r on our original risk of 40 pips, close 1/2 your position and move your stop to even guarteening you a 1r. You have now just eaten at someone else's expense. Sleep well and Enjoy!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.