EUR/USD - weekly chart
update plus signal
a very similar situation is present on the weekly chart as I described yesterday on the daily chart.
After a prolonged down-trend in 2014 and the first 10 weeks of 2015, a high point was established in May this year, when prices turned in the opposite direction.
This high price point on our chart is 1.1465
5 weeks later in June, this high was attacked for the first time (first-time-around), and failed.
The high of that week on our chart is 1.1435, and is a major buy-stop entry point (high plus 1 pip is the exact entry price)
The current attack on the entry price is the 'second time around'
SL should be placed 4 pips below the low from 2 weeks ago (1.0846)
and lot-size should be calculated based on the distance between SL and entry price, taking the risk that one is willing to take on this trade (example - 2% of trading capital)
As I have posted before, a profitable trade can take 5 to 10 bars (same time-frame as the order) once the order is filled.
"a little bit of knowledge is a dangerous thing"