Please remember that we want the candle body to close above or below the new defined range for validation to enter the trade. Avoid getting caught in a trade with some of those wicked wicks!
Also, remember to set your trailing stop around 25 pips (using previous support resistance will give you best results). Majority of these trades reach 50 or more pips, but protect your profit in case the trade turns around.
SL is set at the opposite side of the new defined range.
New Defined 4H Ranges:
NZDUSD – 0.695385 – 0.690875
AUDUSD – 0.732914 – 0.729145
USDCHF – 0.928357 – 0.925285
EURUSD – 1.158513 – 1.155089
- Currently in a consolidation period
- Key Levels – 0.696043 – 0.689937
- Correction phase
- Key Levels – 0.731549 – 0.723873
- Overall long trend
- Consolidation period
- Key Levels – 0.930547 – 0.925211
- Continuation of short trend
- Key Levels – 1.159821 – 1.154183
- Consolidation period
- Key Levels are 1.365794 – 1.357933
Cheers to another successful week!
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