Price looks to be reversing on the 1H and 15m timeframes. Usually when price goes 100 or more pips off of 1 or 2 1H candlesticks, it reverses for at least half or slightly more of those pips in the opposite direction of the original move. Understanding this, and the confluence of price rejecting the lower horizontal level, we have reason to consider a scalp-buy up to the previous high or half of the previous move, which would be for about 20 to 50pips, and a 1:1 or 3:1 PL ratio. No news in site.
Alternatively, we can set a sell stop below the zone below, in case price goes opposite of our plan. This way we at-least recoup any losses and possible grab a nice profit in the downward direction.
Alternatively, we can set a sell stop below the zone below, in case price goes opposite of our plan. This way we at-least recoup any losses and possible grab a nice profit in the downward direction.