Originally Posted by fibo777
I am looking at 132.67 level to see how the price behaves at the level. It touched the level once. I am looking for the level to be visited again. If it goes there and jumps off the level, I would place a sell stop below it. (Breakout trade) If it forms 123 pattern there, I would go long above the nearest highest high that will be established.(Reversal trade)
The pair went past that level, then bounced off 132.48, retraced to 132.68 (support became resistance). Went short below 132.48, stop at 132.75. Exited at an even number 132.00
Just some thoughts in retrospective...