This is a classic Price Action set up.
Price recently broke through a fairly strong weekly Support and Resistance level 1.17175 and is now retesting it.
This line has offered both Support and Resistance going back as far as 2006. This means that the 1.17175 level is about as strong as they get.
If the level holds and price confirms it is moving back up we could be in for some tasty R:R and a nice and solid level to place our stop under.
I will be entering as soon as price confirms which direction it wants to move in as a break in either direction should signify a solid move.
Price recently broke through a fairly strong weekly Support and Resistance level 1.17175 and is now retesting it.
This line has offered both Support and Resistance going back as far as 2006. This means that the 1.17175 level is about as strong as they get.
If the level holds and price confirms it is moving back up we could be in for some tasty R:R and a nice and solid level to place our stop under.
I will be entering as soon as price confirms which direction it wants to move in as a break in either direction should signify a solid move.
Comment:
Trade active:
Buy stop placed a couple of pips above a recent peak.
Fingers crossed.
Happy trading.
Fingers crossed.
Happy trading.
Trade active:
Here is a close up
Trade closed: stop reached:
Stuck to the plan and took a small loss.