Long EURUSD
1. Major support level at 1.2278 (horizontal swing low support, 100% fibonacci extension level, 78.6% fibonacci retracement level) which coincides with ascending support line - buy entry
2. Major resistance level at 1.23572 (horizontal swing high support, 38.2% fibonacci retracement level, - take profit
3. RSI testing support level, Stop loss set slightly below second major support level
2. Major resistance level at 1.23572 (horizontal swing high support, 38.2% fibonacci retracement level, - take profit
3. RSI testing support level, Stop loss set slightly below second major support level
Trade closed: stop reached
down 58 pips - important lesson: should have taken Fibonacci extension to confirm the most recent resistance level and entered sell entry from take profit level instead of an immediate buy entry to squeeze that few pips
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.