EUR/USD Trade Signal – Inside Bar Formed On An S&R Zone.

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.

2016-08-19-eurusdecn

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.

By |2016-10-21T20:58:45+00:00August 20th, 2016|EURUSD, Phil's Forex Blog|0 Comments
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