Reasons for long position and setup:
1) About to breakout from Bullish rectangle pattern.
2) 20, 50 EMAs indicating an uptrend
3) Took good support at 1284-1285.
Setup:
Entry: After breakout from rectangle and resistance. Ideal entry above 1,305.
Stop Loss: Can keep below the support zone (now a resistance) near 1,290-1,295
Target: First target is near 1,335 where is a resistance.
RR Ratio: 2 (Entry: 1,305, SL: 1,290, Target: 1,335)
1) About to breakout from Bullish rectangle pattern.
2) 20, 50 EMAs indicating an uptrend
3) Took good support at 1284-1285.
Setup:
Entry: After breakout from rectangle and resistance. Ideal entry above 1,305.
Stop Loss: Can keep below the support zone (now a resistance) near 1,290-1,295
Target: First target is near 1,335 where is a resistance.
RR Ratio: 2 (Entry: 1,305, SL: 1,290, Target: 1,335)
Trade closed: target reached