EUR/GBP H4
Long or Short: Long
Entry Point: 0.8175 (above engulfing bar high)
Stop Loss: 0.8123 (below engulfing bar low)
Profit Target(s): 0.8220
Risk-to-Reward Ratio: 52pips:45pips
Risk percentage: 2 positions equaling 2% of trading a/c
Indicators used: None. Using support/resistance and a price-action setup [ bullish engulfing bar (BUEB) at swing low ]. On the Daily, looking for price to retrace to resistance in order to go short. This BUEB on H4 could be the retrace trigger
Trade Rationale: A bullish engulfing bar (BUEB) has formed at swing low where a retrace to resistance was expected
Trade Adjustments: When trade gets to 50%, move stop loss to break-even.