Price has broken and retested trend, while building decent support on the hourly charts (1h,2h,4h). Entry was taken on the retest, would like to see some more retail buying here and ride the momentum up. Referring back to the post yesterday, I was looking for a Daily close and retest above the . As of right now it looks as if we will close above given built support, so I need to be aware of a retest/hold in the next couple of days, if held I won't be afraid to add.
Good opportunity to take in terms of risk to reward with a stop under the previous swing high that was broken @1.24100's. Looking to take some off around 1.25500's (Daily support broken that hasn't been tested yet) and leave the rest for a test of the start of this leg down 1.27000's - which can be seen as a strong on the daily.Key to gauge how strong the rejection at 1.25500's is to see if it will pull back-break or reverse.
The way that I structure my risk and like to think about entries is "where does price objectively/technically need to hold in order for a continuation of prior trend to occur", so if I'm wrong minimal risk is taken. Not only does this allow me to take the most opportunistic setups, but it allows for capital preservation long term. After all, risk-reward is the name of the game! Thanks for reading, any feedback is greatly appreciated.