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 – 0.706139 – 0.701249
AUDUSD – 0.762803 – 0.758212
USDCHF – 0.944664 – 0.939653
EURUSD – 1.177545 – 1.173767
- We experienced our initial correction or retracement
- Possible deeper correction, watch for opportune short entries
- Potential consolidation period
- Key Levels – 0.704912 – 0.691838
- Overall long trend however we are currently in a consolidation period
- Created lower high and lower low…potential for a short reversal in the upcoming weeks
- Key Levels – 0.767007 – 0.758527
- Long Trend Overall
- May experience a retracement or correction
- Key Levels – 0.946692 – 0.937195
- Currently in consolidation period
- Key Levels – 1.182905 – 1.173017
- Overall Long Trend
- Potential Trend Reversal in upcoming weeks
- Potential consolidation period
- Key Levels are 1.38645 and 1.368866
Cheers to another successful week!
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