Last weeks outlook on the market highlighted a daily demand level on EU which looked good for opportunity, you can find that here. In the members area we identified levels to trade from on the lower time frames and there were trades which were taken for both long and short term profit.
As usual I like to wait for an engulf and once we had it, I marked up a potential turning point should price return.
Now there are two demand levels in the image above though I've marked just one and price turned at the higher one. Price came back with pure red candles just as we like so the setup looked good.
As usual the next step is to drop down to the 5m to wait for an engulf on that time frame too. There were other pairs we had marked where price came back in as per the rules but price went straight through some of the levels with no 5m signal. This is exactly why we wait for the 5m engulf
There were two potential entries on this one and I took the first one. Using a trade management method that trails the stop loss a 4:1 was easily achievable for me from the level that I took. There was even more on the table from the second level.
The same trade was taken on the long term account but with a larger stop and the usual trade management plan
The exit on this was after a 5m engulf from a H1 level.
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