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One hundred level. When this happens, it signifies that the market is popping out of its oversold or overbought situation. R2 stage is the place the market often experiences important resistance and this level gives an exit target for long positions. As soon because the trade turns profitable by the amount risked exit half your positions and path the remaining place with a trailing cease with 20 day EMA minus 15 pips! We can take the N.Y Bank Settlement Time of 5:00 PM EST as the close of the day and 5:05 PM EST as the open of the next day while calculating our every day pivot level ranges. Unlike the stock market or the futures market that has an official open and close, forex is a 24 hour market with no open and close. When the Lucky Spike seems in a down trending market, enter a long trade at the open of the next candle.
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