#Multitimeframeanalysis : On the weekly chart we can see price reacted to the trendline already connecting with 3 tops. The #pinbars support the idea that price is moving away from the trendline.
On the daily chart we can see support got broken and is now acting as resistance also making lower higs and lower lowes.
In todays post I want to sow you how I then identify my entry, #takeprofit and stoploss. #supportandresistance are located around 0.89200 and 0.91200. Also 0.90200 is some kind of support/resistance within the channel. These levels would act as stoploss levels (depending on the direction you're taking the trade). Also a take profit can be set near these levels. Maybe a TP1 and TP2 can be set around the bottum, or top and middle of the channel.
Now that you know these levels you can decide how big your position can be based on the formula:
accountsize * 1-2% * distance to stoploss = #lotsize
Once price breaks out of this channel new analysis and indetification of support and resistance levels is required.
On the daily chart we can see support got broken and is now acting as resistance also making lower higs and lower lowes.
In todays post I want to sow you how I then identify my entry, #takeprofit and stoploss. #supportandresistance are located around 0.89200 and 0.91200. Also 0.90200 is some kind of support/resistance within the channel. These levels would act as stoploss levels (depending on the direction you're taking the trade). Also a take profit can be set near these levels. Maybe a TP1 and TP2 can be set around the bottum, or top and middle of the channel.
Now that you know these levels you can decide how big your position can be based on the formula:
accountsize * 1-2% * distance to stoploss = #lotsize
Once price breaks out of this channel new analysis and indetification of support and resistance levels is required.