Quote:
Originally Posted by novice198
Noticed BEOB on the daily Chart. Closed strongly below Weekly and daily pivot levels and the last three bars.
Plan to trade this setup as per the chart.
Comments / critiques welcome.
Cheers
Novice198
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Keep risk/reward in mind when trading this. Looks to me like a continuation bar from the weekly pin. Safe profit to be made to 1.0300 area (indicated in blue). However, where does it make sense to get in? If you were to set entry on a pullback to say, the 40 ema on the 1 hr chart then you would have about 1/1. This is just a suggestion. Personally Ill pass. I would have rather been in this move at the break of the weekly pin. I missed it altogether so too bad for me. The daily BEOB is tempting but Id be a seller of UCAD if this bar were at a swing high. Right now I only see a risk 4 and reward 1 if I want to take full advantage of this bar and that just doesnt do it for me. Food for thought my fellow trader.
Best to you.
K.I.S.S.
