Although the retracement/pullback on this pair is quite shallow my reasons for taking a long position are:
- Bullish/reversal bar following 2 seller bars
- Support at 1.3100 with close above
- 8 ema rejection/support and close above
- 0.382 Fibonacci level rejection and close above
- Stochastic and RSI convergence
entry - above high of low test bar
stop loss - below low of low test bar
target - above previous high for at least a 1:1 Reward:Risk trade
- Bullish/reversal bar following 2 seller bars
- Support at 1.3100 with close above
- 8 ema rejection/support and close above
- 0.382 Fibonacci level rejection and close above
- Stochastic and RSI convergence
entry - above high of low test bar
stop loss - below low of low test bar
target - above previous high for at least a 1:1 Reward:Risk trade
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