Alright, this is a much more calm trade in comparison to the US30 trade. Stop loss would be 30 pips, with 3 different take profits. Risk management is key, 3 different trades should not necessarily be taken but bigger percentage partials should be taken out by TP 1 and TP2. Stops should be rolled to 10 pips if TP 1 gets hit, and to break-even or profit by TP2. That's enough about risk management though. You guys should know good risk management by now, and if you do not you should not be trading. Anyway, here's my analysis of the trade:
-BEARISH market structure on the daily timeframe
-Bullish previous market flow started from respecting of demand zone on LL structure point
-Bullish market flow= price floors being created
-Price reached a ceiling that it ranged, overshot, and failed to break
-Price floors created by bullish market flow are being broken which means BEARISH market flow/price action
-Will wait for a retest of a previous price floor, now ceiling, for an entry to a short
-Price projected to swing to demand zone but it does not have to as long as it hits TP1 and even TP2 because by then trade will be risk-free with profit made.
-BEARISH market structure on the daily timeframe
-Bullish previous market flow started from respecting of demand zone on LL structure point
-Bullish market flow= price floors being created
-Price reached a ceiling that it ranged, overshot, and failed to break
-Price floors created by bullish market flow are being broken which means BEARISH market flow/price action
-Will wait for a retest of a previous price floor, now ceiling, for an entry to a short
-Price projected to swing to demand zone but it does not have to as long as it hits TP1 and even TP2 because by then trade will be risk-free with profit made.
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Update: TP 1 hit, stops should have been moved to 8-10 pips. I am still expecting for price to reach TP 2, where stops should be moved to break-even or even profit.