DislikedI have a fairly strong resistance at about 70.30 on audjpy. What I would like to know is how do you decide whether to take the trade or not despite the obstacles. To wait for a trade that has no near obstacles is the safest but those trades seem to be very rare and being too conservative will not get you any money. So how do you decide when the obstacles create too much risk to take the trade or when they are within your toilerable risk limit. Perhaps based on pros and cons - like you have 7 reasons to take the trade and 1 reason not to so you would...Ignored
While drawing SR lines, I am using candlecharts and line charts together, and trying to find the best possible lines. Assuming a long entry above yesterday's high, 70.30 is approx. 180 pips away at which you can take profit for certain percentage of your total position. Depending on the quality and distance of next obstacle from entry, different strategies can be used. If it is too close to the entry, it is better to see PA around that level and then decide whether to take the trade or not.
For current AUDJPY trade, I prefer to hold until 71.50-72.00 and then depending on PA at that level watch 73.50 high to see if it'll be broken for a new HH. Hope this helps.