EURUSD 4H Possible Entry for 1:3 RRR

28 Şub 2021

If we see the market structure of EURUSD it seems like an uptrend on a daily timeframe. If you see that black dark line is the strong support level respected many times. Here we are looking for the trend continuation because on 4h time frame the trend is also shifted from one downward to upward recently and making higher highs and higher lows. As the price approaches the strong support that can be seen from every timeframe it will possibly return back to the key level of 4H frame. For entry I am using the 1h timeframe to see wick rejections retracements and retest of the level. If the price retest the strong support twice on 1h candle making a W and break 1h small level it is a possible entry for 1:3 on EURUSD up to 4h key level. Stop loss is 2 times 14 ATR. Otherwise, It will break and strong support and re test it 1,2 times by making double top of resistance which will indicate that price is now breaking and trend will be downside