We had a , with several failed attempts to close below 1.2400 - together with heavily oversold conditions and a historically strong area. A good case.
What I was looking for was a pullback that we could profit from with 2 targets.
I entered at Z, target 1 is already hit, profit booked and stop loss moved to break even. My risk to reward is shown on chart.
When we also saw that dragonfly doji candle right after my entry, this case was already closed - the pullback was inevitable.
However, the train has not completely left yet as we could get another possibility to enter (see X mark). That entry is based on a 2618, if that is a strategy that you use to base your entry.
I will not enter again since Im already in, but I wanted to share the idea.
Keep in mind, this is currently a train. We're just looking to catch a station before jumping off again.
There might still be some money on the table here since we have once again failed to close below (see doji on hourly) 1.2400. We also have a 4 hour candle closing soon which has, so far, rejected 1.2400 aswell.
So to sum it up, if I were you, I would add something more to confirm what the bollinger bands are telling you.
Hope it makes sense, good luck!