Classic Price Action set up.
Updated
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.
Note
Trade active
Buy stop placed a couple of pips above a recent peak.Fingers crossed.
Happy trading.
Trade active
Here is a close upTrade closed: stop reached
Stuck to the plan and took a small loss.
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.