As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.1415.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=1.143.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of ...
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1.1300 would begin in Midterm.
We opened 8 BUY trade(s) @ 1.1677 (day close price) based on 'Vale & Two-day reversal candle' at 2018.08.27 signaled by DTO.
Total Profit: 40 pip
Closed trade(s): 0 pip Profit
Open trade(s): 40 pip ...
The current move may extend upto 1.19751 / 1.19795 where a nice confluence of the 0.618 of the last down leg intersects with the CD leg of the ABCD pattern.
It would be good to enjoy the current uptrend which can still provide a fair R-R-R trade. However, price at the confluence zone should be watched carefully.
Hit like if this information is useful.