Bought: 160.40
Take profit: 161.058
Profit: $548.48
Analysis Using Top-Down Approach
Daily Timeframe
Overall market structure is an uptrend, with higher highs and higher lows.
4 Hours Timeframe
Identified and marked out strong supply and demand zones. The demand zone is also a very strong liquidity zone where there are buyers waiting at that zone to buy.
The price has entered the demand/liquidity zone. Go down to the smaller timeframes to analyse the chart.
1 Hour Timeframe
Price is in the demand zone. Go down to the 15 mins timeframe to enter for a buy.
15 Mins Timeframe
The price was at the demand zone when I go down to the 15 mins timeframe, and the candlestick is bullish. Entered for a buy immediately at 160.40.
Based on the 1 hour timeframe, placed a stop loss at 160.239, which is 17.1 pips away (tight stop loss to minimize loss). Placed take profit at 161.058.
