Hey guys, happy weekends.
Just browsing around for high probability setups today.
I saw something interesting in EURUSD and I would like to share this setup with you guys.
Pattern Identification
This is a RSI BAMM setup with a POTENTIAL buy around last week's low at 1.0567.
How to execute this trade?
I will wait for 1.0567 and the RSI OS level to be tested first. These are 2 setups I will be watching out for before execution.
1. False breakdown of this level: A breakdown followed by a "regret" impulse buying to push it back above this level
2. A nice long pinbar on H4 followed by a move up from the RSI OS level.
EP: Around 1.0567
SL: 1.0510 (57)
TP: 1.0760 (193)
When will this setup be invalidated?
If price closes convincingly below the 1.0567 level, this setup will no longer be valid.
Just browsing around for high probability setups today.
I saw something interesting in EURUSD and I would like to share this setup with you guys.
Pattern Identification
This is a RSI BAMM setup with a POTENTIAL buy around last week's low at 1.0567.
How to execute this trade?
I will wait for 1.0567 and the RSI OS level to be tested first. These are 2 setups I will be watching out for before execution.
1. False breakdown of this level: A breakdown followed by a "regret" impulse buying to push it back above this level
2. A nice long pinbar on H4 followed by a move up from the RSI OS level.
EP: Around 1.0567
SL: 1.0510 (57)
TP: 1.0760 (193)
When will this setup be invalidated?
If price closes convincingly below the 1.0567 level, this setup will no longer be valid.