this 15m trade come, as usual, from my higher timeframe analysis: in the we are in no man's land, meaning we do not have any structure level until 120.60. This means that i'm going to consider only opportunities.
When scenarios like this happen market is usually heavy trending in one or another direction; it is hard to wait for a good retracement in order to hop on the trend. So we have to go down one more timeframe to look for some brief consolidation patterns that allows you to enter the market in the major direction.
In this case the pattern that appears is a flag, that has a good tendency to continue into the impulsive leg's direction.
Because of my prudence i usually wait for a upper broke of the pattern, and then a retracement big enough for letting me take my first position out at a "safe" level, the most recent highs.
If you are a pattern trader then, you can also enter the trade waiting for a longer correction down at the completition level of the .
Stops an atr below structure lows.
I'll keep some portion of my position to see if my overall prediction of hitting 120.60 is right.
If you have any comment or idea, please share in the comments section.
Otherwise, see you in the next chart.