Based on the 1H chart we have range market conditions. We can try to trade in the horizontal channel buying from the support level
and selling from the resistance level
. Stop orders for such trades must be placed outside the channel. Profit targets for trades based on reversal signals must be inside the channel near the resistance and the support levels. Also we can try to catch a breakout, if market moves outside the channel. For such trading we have to place buy-stop orders above 2700.00 and sell-stop orders below 2430.00 level. Stop orders for trades based on breakout signals must be placed inside the channel. Profit targets should be near the possible reversal zones - for buy trades it's near 2900.00 level and for sell trades it's near 2200.00 level.
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