I have entered a long position on EUR/USD following a confirmed breakout and close above the descending trendline on the 4-hour timeframe. The breakout signals a potential shift in momentum, with price now testing previous resistance levels.
Entry: 1.07943 (Breakout confirmation)
Stop Loss: 1.07528 (Below recent structure support)
Risk Management Level: 1.07754 (Adjusting SL if price moves favorably)
Target Levels:
TP1: 1.08335 - Moving SL to BE at this point to manage risk
TP2: 1.08723
TP3: 1.09211
Trade Rationale:
Price has broken and closed above a well-respected trendline, indicating potential bullish continuation.
The current daily candle does not have much of a top wick.
Risk is managed with a stop below recent lows, allowing room for volatility while protecting capital.
Targets are aligned with key resistance levels where price may react.
Entry: 1.07943 (Breakout confirmation)
Stop Loss: 1.07528 (Below recent structure support)
Risk Management Level: 1.07754 (Adjusting SL if price moves favorably)
Target Levels:
TP1: 1.08335 - Moving SL to BE at this point to manage risk
TP2: 1.08723
TP3: 1.09211
Trade Rationale:
Price has broken and closed above a well-respected trendline, indicating potential bullish continuation.
The current daily candle does not have much of a top wick.
Risk is managed with a stop below recent lows, allowing room for volatility while protecting capital.
Targets are aligned with key resistance levels where price may react.
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.
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.