EURUSD recently took out a S/R level (S/R Level 1) (yellow circle). The level is based on the monthly chart and is also the bottom of a range that was generated before the last downtrend stopped.
Scenario (Orange arrow) I will take a long if my requirements are met. Requirements: Price manages to break above S/R Level 2. Entry: Daily close above S/R Level 2 Invalidation: Price doenst go above S/R Level 2 S-L: After retake of the S/R Level 2 price falls back below it and atleast 2 daily candles closes below Target: Lower green line (Currently a resistance level which facilitated the current downtrend)
Good luck
Disclaimer: - My posts are mostly for my own journaling - This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor. - You trade entirely at your own risk - Make your own research - Finance and trading is evil, capitalism is bad, duh ;)
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Price moved above S/R Level 2. Lets see if we get a daily close there
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Daily close above S/R Level 2. What i dont like is how far price went up from a R:R point of view. I will only enter if price falls goes a bit lower but still stays above S/R Level 2.
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