DislikedDRT,
When you metioned: It needs to close above/below ......
Is it Hourly bar or Daily bar usually?
trader8686
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Just always love to learnIgnored
Let's take the EURO for instance.Not sure where it is going to close yetb but likely it will not make it up to 5663 level. Here is what my post would look like for tonight....
For tonight until well into the European session tommorrow these are the key levels for the E/U
1.5663 Balance
1.5566 Low
What often happens is that price will gravitate towards balance after the NA session is over. Of course, if there are stops out there then that is not always the case.
I would have two choices.
1. I would cover my trade at the end of the day if it does not close above 5663. Then I would use the two levels, balance and low and if price does make it to these levels, I would set trades.
2. The other option is to hold your trade and see if it works up toward balance at 1.5663. If it does, you would exit your long and set shorts with a target of 1.5566. If it moves below the daily low early in Asia then just close it and wait. If it moves lower, wait until (if of course) it reaches the low projection of 5566. If it does, then set longs with a target toward balance at 5663. Basically, whatever the market gives you first, take it.
I will likely hold the Euro long even if it does not make it up to balance by the end of the day. Most of the downside in the EURO seems to have come from the crosses today.
Clear as mud, right?