Here's a little something I'm watching on the 15minute chart at the moment...it may or may not turn out to be a good trade, but it gives you an idea of my thought process when looking for a trade. First and foremost I look for a good confluence of events to enter a trade: 1) Price action 2) candlestick/chart pattern 3) possible RSI agreement/signal 4) room for trade to move 5) small stop loss 6) support/resistance levels.
On this particular trade to the upside...you'd be looking for about 20-30pips up to the resistance areas near the ema's. And your stop loss would be a few pips under the lows of the reversal candlestick pattern. If price were to stall out just under the ema's for a roughly 2 hours or more, definitely consider taking a smaller profit or move your stop loss to break even at least to protect your account!
Cheers!
On this particular trade to the upside...you'd be looking for about 20-30pips up to the resistance areas near the ema's. And your stop loss would be a few pips under the lows of the reversal candlestick pattern. If price were to stall out just under the ema's for a roughly 2 hours or more, definitely consider taking a smaller profit or move your stop loss to break even at least to protect your account!
Cheers!