Hey guys, happy weekends.
Just browsing around for high probability setups today.
I saw something interesting in EURUSD and I would like to share this setup with you guys.
Pattern Identification
This is a RSI BAMM setup with a POTENTIAL buy around last week's low at 1.0567.
How to execute this trade?
I will wait for 1.0567 and the RSI OS level to be tested first. These are 2 setups I will be watching out for before execution.
1. False breakdown of this level: A breakdown followed by a "regret" impulse buying to push it back above this level
2. A nice long pinbar on H4 followed by a move up from the RSI OS level.
EP: Around 1.0567
SL: 1.0510 (57)
TP: 1.0760 (193)
When will this setup be invalidated?
If price closes convincingly below the 1.0567 level, this setup will no longer be valid.