Updated Key S/R Levels: EURUSD, USDJPY & More

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See Updated Key Support Resistance Levels for EURUSD ( chart 1 ) and USDJPY ( chart 2) TimeFrame : 240 Min Chart

Go Here to See Updated S/R Levels for Other Pairs

[FOREXunlimited]

Why was 121.87 designated as a “key” price point for you?

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There were two strong price rejections out of that area, followed by a downside break. I suspect as prices retrace a bit to the long side around that level, we should see continued short side order flow.

[FOREXunlimited]

There were two strong price rejections out of that area, followed by a downside break. I suspect as prices retrace a bit to the long side around that level, we should see continued short side order flow.

And what if price never “retraces a bit”?

[ftg]

Thats certainly possible, and there is the tradeoff between optimal entry ( on a pullback ) and the chance of missing the trade, and a hurried entry ( after a strong break ) which will ensure you get in the trade but at a less desirable price. For me, I would rather miss a trade, but I like to enter on a retrace at a more desirable entry point rather than chasing momentum. I find the overall RVR is much better in that case generally.

[FOREXunlimited]

Thats certainly possible, and there is the tradeoff between optimal entry ( on a pullback ) and the chance of missing the trade, and a hurried entry ( after a strong break ) which will ensure you get in the trade but at a less desirable price. For me, I would rather miss a trade, but I like to enter on a retrace at a more desirable entry point rather than chasing momentum. I find the overall RVR is much better in that case generally.

How do you qualify an “optimal entry (on a pullback)”? In other words, what would an optimal entry opportunity look like?

[ftg]

An optimal entry on a pullback is one where the breakout occurs with strong momentum ( marabazu type candles) and the price action on pullback to a key level is on weaker momentum ( pin bars, rejection candles, doji, exc )