New month, same old set up/trigger combo.
The weeks (& day’s) open sets out the directional bias.
Prices above both those fulcrums = looking for longs only.
Looking for a higher high/higher low momentum step on the 5-minute chart (attached) in order to get long with an acceptable risk (stop-loss) placement.
Ensuring good upside potential for the day (plenty of the average days range left in the tank).
& optimum volume/liquidity to execute from (early European session).
Dotted line = last weeks low
Solid black line = today’s/this weeks opening price
Ideal entry at 125.30 allowing a stop-loss below the 5-minute step at 125.15, aiming initially for the pairs average days range up at approx 126.30.
A potential 6.5:1 potential reward, risking 1.5% of capital.
As always, if the momentum continues, stop will be trailed up underneath the 5 min momentum swings as higher high & higher lows are successfully printed.
Continually seeking out these types of positive risk plays, especially via the smaller timeframes, ensures the losses are adequately absorbed & negated by the profits.
