Support and resistant are good entry points. This was the trade I open on 12/4. EUR/USD can't break though the resistant of previous high 1.515. A 'shooting star' after the price closed on the day. S/R and the shooting star give me strong odds for the short trade, the trade was open a little bit above the close price 1.5050. 100 pips SL, at 1.5155, which was also good risk management. The initial taget is 1.4805, the support. See below chart.
Update:
price stall on 1.4830 area for a few hours. As said before, the longer the price stay in the S/R, the more likely the price will break. I more the SL to 1.4950, and reset the target to the next support area 1.4685.
Update:
closed on 1.4685 with 265 pip profit.
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