W/ the Monthly candle closing bearish engulfing suggests we can anticipate a retracement of the rally the Euro has seen against the dollar
On the Daily TF we can see the formation of a Head and Shoulders pattern beginning to form the right shoulder
On the 8H TF we can see price has almost formed a Bullish bat as it gets closer to 88.6 Fib level
In this example I show you one of the ways I use to trade in a 4hr timeframe.
The idea is to first wait for ema cross, and then wait for at least 2 retracements, after retracement, open a position and place sl below or above the previous retracement depending on your position.
The only downside to this strategy is you might miss a lot of other trading...