I’m not trading the EURUSD until this happens

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?

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • Gambino Michael

    Philly Fed Factory Index just pushed it to 1.23468

  • Gambino Michael

    I only ask because I have done well channeling the range.

    • Raul Lopez

      Hey Michael, it’s the hourly chart… 

  • Gambino Michael

    What frequency is your chart….please