I am a new student to the forex world. Looking forward to learning many different style and techniques to trading this global market. Currently I am mainly using simple price action, psychological levels, pivot points and stochastics.

This pair is currently at a psychological level of 115.00 a level that has proved to be a level of resistance earlier this year and last year. This level also acted as a midpoint level during 2014 when the market was in a 600 pip range between 118-112. On this timeframe we can also see the level of 108.00 has acted as a point of resistance (4/13), an area of consolidation (9-13, - 11-13). More recently this level has been a support/resistance level in 2016 and a strong support level this year.

On the daily time frame we can see more clearly the 115 and 108 psychological levels acting as support/resistance in 2016. For 2017 the 115 level was tested three times creating a triple top. the 108 level later that year proved to be a major level of support. Also I am keeping an eye at the 112 level as it looks like a possible midpoint support/resistance level in a ne range bound market.

Price has broken the MM4 pivot point which is the conservative take profit monthly zone. The stochastic indicator is also right at the overbought line of 80. The Monthly pivot profit zone also lines up within the resistance area set by the weekly/daily time frames and the psychological level of 115 is there as well.

when we look at the weekly pivot points the WR1 is located at about 115.30. Still within the monthly profit zone and our weekly/daily resistance level.

Here price has formed a double top at 115.15 and we have now fallen to the 55 EMA.

A fib of the latest swing high to swing low places the psych level of 115 within the 50% - 61.8% retracement levels. The stochastic is also working its way toward the overbought line. I plan to set two sell limit orders, both half my normal lot size, at 114.98 which is the 50% retracement level there by front running my order by two pips before the 115 level and accounting for spread. My stops will be at 115.48, making them above the WR1 and just above our projected weekly/daily resistance. First target is the current MM3, which due to the bullish momentum this month should be close to the MMP for June approximately 112 level (new midpoint level). Second target is going to be range support at 108.

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