Trading Strategy: Long Position (Buy)
Given the bullish trend, a long position seems appropriate, but we’ll wait for a confirmation of support to avoid entering during a potential deeper correction.
1. Entry Point
Entry: Look for a buy entry around 2.4150–2.4100, where the price is currently testing the 20-period SMA and the recent support level. A bounce from this level with a bullish candlestick pattern (e.g., a hammer or engulfing pattern) would confirm the entry.
If the price breaks below 2.4100, wait for a retest of the 2.4000 support level for a safer entry.
2. Stop-Loss
Stop-Loss: Place the stop-loss below the recent swing low and the 2.4000 support level, around 2.3950. This provides a buffer against a deeper correction while keeping the risk manageable.
Distance from entry (assuming 2.4125): 2.4125 - 2.3950 = 0.0175 (or 175 pips).
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