Price is showing rejections after hitting a monthly resistance zone. Expect to see strong buy orders at 93.50 - 94.00 due to it still being an uptrend. I would expect to buy at 93.50 - 94.00 if sellers momentum turns weak, and buyers orders start to show at the lower time frame. I would expect to sell if sellers momentum continues to become strong. It will triggers buyers stop loss below 94.00.
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Missed the trade on 94.00. If you entry now, it's a 1:1 risk reward ratio. Would you risk 50 pips for 50 pips? I would not. Go look for another trade to hunt.
95.00 - 95.50 level is a psychological level that seems to be holding strong. You don't think its a barrier to price..?
Is the risk reward ok if a buy order is placed at the 93.50 to 94 zone ?
SylviaC2
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@gremic, good question. Depends on your trading system, do you place a buy limit and let the price go as it is? I am able to monitor trades, that's why I would wait for price to enter the zones at 93.50 - 94.00, and wait for price actions to give me a good signal.
Another zone where there sits a good amount of buy orders is the 93.20 - 93.40 area. Same trading system. I would wait for price to enter the zone, and give me a good signal for entry.
Is the risk reward ok if a buy order is placed at the 93.50 to 94 zone ?