Quite interesting view and I have to say I agree with pretty much everything. But one question in relation going up by breaking the resistance. Why don't you activate the Buy order now (in lower timeframes such as 5m 15m) at this level in case of a signal such as a hammer, bullish engulfing...etc. Wouldn't that give you more pips?
RealistFX
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@Helena_FX great question. It’s just about our experiences in trading. We try and increase our probability of winning and we know when we see flag patterns, our win % increased when we break the high, rather than try and jump in early!
Helena_FX
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@RealistFX, Ok, fair enough, but my worry is that after the last daily candle which I would describe a Gravestone Doji, the trend might move down today to probably 1.62500. I hope not, but just a thought....
RealistFX
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@Helena_FX another reason why we’re not entering now - that’s the other scenario we have charted. The price point you’ve highlighted is also the 61.8% fib area which represents the usual retracement point!
Helena_FX
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@RealistFX, Well, I only hope it doesn't go all the way down back to the support level at 1.61500 as this won't look good for the EUR