Long Setup Explained on EURUSD by ThinkingAntsOk
Take this as an idea to develop your own setup
Main items we see on the Daily Chart:
a)Price broke out a Weekly Wedge pattern
b)Price found Support at 1.11300
c)Currently, the structure the price is on is a Descending channel
d)There was an attempt to break out the channel, we will expect a corrective structure before taking long setups
e)You should look for a corrective structure on 1h timeframe, look for a clear ABC / Look for a structure that is supported for a major trendline or support
f)Depending on the time horizon of your trade idea you can look for your stop below the major support zone
g)Your Entry can be on the breakout of the corrective structure
h)Your Take Profit can be on the Resistance zone
Weekly View:
Main items we see on the Daily Chart:
a)Price broke out a Weekly Wedge pattern
b)Price found Support at 1.11300
c)Currently, the structure the price is on is a Descending channel
d)There was an attempt to break out the channel, we will expect a corrective structure before taking long setups
e)You should look for a corrective structure on 1h timeframe, look for a clear ABC / Look for a structure that is supported for a major trendline or support
f)Depending on the time horizon of your trade idea you can look for your stop below the major support zone
g)Your Entry can be on the breakout of the corrective structure
h)Your Take Profit can be on the Resistance zone
Weekly View: