This is an awesome trade setup that I have just noticed on usdchf. Here are a few thoughts I have on this current trade idea:
1. Breakout from the trade range (symmetrical triangle)
2. Previous high broken
3. Pullback and retest of resistance as support
4. Bullish engulfing bar completed
On this trade setup I have a risk to reward ratio of 1:3 and my stop is only 21 pips.
When I look on the daily time frame I can see that my 60 pip target can be provisional with an exceptional amount of up-side being possible.
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Thanks a million,