THIS TRADE SHOULD WORK OUT PRETTY WELL. REASON BEING "RANGE TRADERS" WHO BOUGHT AT 1.24 TO TRADE THE RANGE ARE STILL STUCK IN THEIR LONG TRADE, SOME OF COURSE HAVE BEEN STOPPED OUT, SOME HAVE NO STOPS AND STILL STUCK. THEREFORE THESE TRADERS WHO ARE UNWILLING TO CLOSE OUT AT A LOSS HAVE THEIR STOP LOSS AT BREAKEVEN, I.E. 1.2400.
D1 50SMA 20SMA APPROACHING 1.2400 IN A FEW DAYS WELL... SUPPORT TURNED RESISTANCE
And of course, this trade may never hit my entry level. But it is the best risk reward area. Last friday D1 pin bar may provide some retracement upwards for these two days, hopefully.