OK, here are two Ensign 377 tick Euro$ charts with reaction lines. On the RHS is a Metatrader 60min. The aqua/blue up sloping ML is the one represented in Ensign chart. We are at a very important point for price direction having nearly closed the gap( see monday's post) from the Sunday/Monday Asian overnight trading session ( the gap was due to the Greek debt debacle i am told...but who cares about fundamentals) and we are under a reaction line and on the centre line of the aqua blue ML set.
If we get over the RL and then re-test it- and hold the RL, then i favour the upside and will go long if an indicator tailored entry point can be found. The Stop will be the centre line/reaction line some 10 pips below. If we cant get through the RL then we are going lower and the same approach at this point using the confluence of the CL & RL could give you a setup with indicator confirmation.
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