See Updated Key Support Resistance Levels for EURUSD ( chart 1 ) and USDJPY ( chart 2) TimeFrame : 240 Min Chart
Go Here to See Updated S/R Levels for Other Pairs
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See Updated Key Support Resistance Levels for EURUSD ( chart 1 ) and USDJPY ( chart 2) TimeFrame : 240 Min Chart
Go Here to See Updated S/R Levels for Other Pairs
Thats certainly possible, and there is the tradeoff between optimal entry ( on a pullback ) and the chance of missing the trade, and a hurried entry ( after a strong break ) which will ensure you get in the trade but at a less desirable price. For me, I would rather miss a trade, but I like to enter on a retrace at a more desirable entry point rather than chasing momentum. I find the overall RVR is much better in that case generally.
There were two strong price rejections out of that area, followed by a downside break. I suspect as prices retrace a bit to the long side around that level, we should see continued short side order flow.
Quote Originally Posted by ftg View Post
Thats certainly possible, and there is the tradeoff between optimal entry ( on a pullback ) and the chance of missing the trade, and a hurried entry ( after a strong break ) which will ensure you get in the trade but at a less desirable price. For me, I would rather miss a trade, but I like to enter on a retrace at a more desirable entry point rather than chasing momentum. I find the overall RVR is much better in that case generally.
How do you qualify an "optimal entry (on a pullback)"? In other words, what would an optimal entry opportunity look like?
An optimal entry on a pullback is one where the breakout occurs with strong momentum ( marabazu type candles) and the price action on pullback to a key level is on weaker momentum ( pin bars, rejection candles, doji, exc )