Trade Rationale: There’s a double bottom formation on the 1-hour chart and it’s roughly 130 pips in height. I’ll wait for a breakout to the upside before going long. I’ll aim for 120 pips for my target.
I set my stop below the 1.6000 psychological level for a potential 2:1 trade.
if u look at at larger tf i.e. 4h, u should see its already 3rd attempt to test 59…
and if u look at daily fibo (SH=6620,SL=5271), it looks like 61,8 already broken but market try to throw back the price to 50 and the 50 rejected the price…
like school said ,it’s better to look at that point as interesting zone of continuation/ reversal
