I just want to share my trading setup on USDSGD (US dollar vs Singapore dollar). I put an order simply based on price action signal. On the daily chart, price obviously on an uptrend. Price retrace back to the daily support area around 1.4140. In my opinion, this is the closest and hold as a strong support level.
On the 4-hour chart, we can see that price rejected the 1.4140 area several times in the past. Yesterday price rejected this level again and formed a 4-hour bullish engulfing bar. So, I decide to open a long trade at 1.4182 with stop-loss at 1.4105 and targeting 1.4275.
USDSGD daily chart
USDSGD 4-hour chart