Here's a simple plan for an unusual pair, USDSGD:
For this pair and the 15 min timeframe, I consider an S/R level to be broken if price has moved at least 14 pips beyond that level. If price reverses at least 14 pips near that level, then I consider that the level has held. For the time being, price hasn't moved 14 pips in any direction. If it moves 14 pips above the level, then I will wait for a retracement near 1.2569 and I will enter long with stop loss 14 pips. The target will be an S/R level not visible in this chart, 1.2610.
If, on the other hand, price moves below the S/R level 14 pips, then I will consider that the level has held and I will wait for a retracement close to that S/R in order to go short, with stop loss just above the previous day high. In that case the target could be the confluence of S/R level and previous week low at 1.2522, or the older S/R level at 1.2529 (on my charts, dotted levels have a lighter shade of gray the more recent they are, and a darker shade of gray the older they are).
There are many such setups in each pair and even if all the work is done by the indicator, I can't (and shouldn't) take them all. I have many ideas for refining and standardizing the selection of a trade.
For this pair and the 15 min timeframe, I consider an S/R level to be broken if price has moved at least 14 pips beyond that level. If price reverses at least 14 pips near that level, then I consider that the level has held. For the time being, price hasn't moved 14 pips in any direction. If it moves 14 pips above the level, then I will wait for a retracement near 1.2569 and I will enter long with stop loss 14 pips. The target will be an S/R level not visible in this chart, 1.2610.
If, on the other hand, price moves below the S/R level 14 pips, then I will consider that the level has held and I will wait for a retracement close to that S/R in order to go short, with stop loss just above the previous day high. In that case the target could be the confluence of S/R level and previous week low at 1.2522, or the older S/R level at 1.2529 (on my charts, dotted levels have a lighter shade of gray the more recent they are, and a darker shade of gray the older they are).
There are many such setups in each pair and even if all the work is done by the indicator, I can't (and shouldn't) take them all. I have many ideas for refining and standardizing the selection of a trade.