After the breakout of the ascending channel -->
2 week ago, since then the market was consolidating below and above the previous support of the channel.
Here the market respects both the descending trendline and the previous support, which now is resistance.
---> Our target is to reach the gap area to re-test it.
---> Risk to reward is at 1:3
---> Our trading plan/Risk management:
At 1:1 move to Break Even
At 1:2 take 50% Parochial Profits and move Stop Loss to 1:1
At 1:3 exit the trade with the rest 50% P.P and gain a 2,5% Profit for each 1% Risk.
Here the market respects both the descending trendline and the previous support, which now is resistance.
---> Our target is to reach the gap area to re-test it.
---> Risk to reward is at 1:3
---> Our trading plan/Risk management:
At 1:1 move to Break Even
At 1:2 take 50% Parochial Profits and move Stop Loss to 1:1
At 1:3 exit the trade with the rest 50% P.P and gain a 2,5% Profit for each 1% Risk.