Sell below 1.2421. Stop loss at 1.2453. Take profit at 1.2345. Reason for the trading strategy (technically): Price is approaching its resistance at 1.2421 (78.6% Fibonacci retracement, horizontal swing high resistance) where we expect price to reverse, pushing it all the way down to its support at 1.2345 (horizontal overlap support). We do have to be cautious of the intermediate resistance at 1.2387 (horizontal overlap resistance) where price could react off it and fall to the support from there. Stochastic (55, 5, 3) is approaching its resistance at 95% where we expect a corresponding reaction.
Trade closed: target reached
⋅
EURUSD rose perfectly to our sell entry before dropping down to our profit target! perfect!
if this is this easy it should be illegal... then ago the report 2 fridays ago wicked me 3500 in 30 secs as I had no clue it was out even though I knew to watch a calendar. I'm new and know better but enjoy doing things wrong. Needless to say I still think I will make it. Thanks to 20 years in vegas never having an edge and no jumping off the building... cheers, obviously.