We have an excellent long term trade setting up,.
The weekly chart shows a potential breakout to the short side with our Dynamic Indicator agreeing.
There is downside to 107.00 before anything serious starts getting in the way.
The daily chart shows that the market is a bit oversold, so I am placing a limit order 22 pips above current market to gain a bit of advantage.
Here is another shot of the daily chart showing an open road below
What is the risk? This is weekly breakout trade and the market may reverse to the upside, not likely but we will see.
Make sure you keep your stop loose on this one to give the market enough room to pull back before it resumes.
Don’t worry about seeing a short term loss on this one, this is a long term trade. Stay the course!
The image below is where I have put my stops and targets. The trade size amount is based on a 5000 test account.
The pip stop loss is 336 pips. I know, wow!!! But with the magic of Forex, anyone can afford this trade.
Please use this calculator to calculate the correct position size based on your risk tolerance and account size.
As always, only take a trade you are comfortable with!