Because of Brexit it’s been 2 months since our last EUR/USD setup, but one finally formed.
It’s not the best setup, so I’ll be watching it closely and not taking any chances, but it’s a valid trade.
You’ll notice my stoploss is inside the S&R zone. I don’t really like that, but this zone is so wide I’ve decided to put the stop above the previous swing high instead of the S&R zone.
I’m only doing that because this trade is with the new trend. If it was against the trend I would NOT do that. Also, the trade is based on an IB, which gives us a lower entry point. That makes the trade harder to enter, so it will help confirm price has actually changed direction.