It’s been a month now and the EURUSD is still ranging, with no clear support and resistance level.
It’s been difficult to trade, but I have a plan now, and I feel comfortable about it.
Here is the chart:
You see the range? Not a very well defined range, is it? If we have no clear S&R levels there is no way we can determine when the market will change direction. Therefore it’s impossible to find good entries.
And because of that, here is my plan:
- I’ll start looking for long opportunities once it breaks the supper extreme of the range: 1.2428
- I’ll start looking for short opportunities once it breaks the lower extreme of the range: 1.2050
- I will do nothing if it keeps trading in between these two levels.
What do you think?