Hello everyone! This post is covering the Market Commentary for multiple assets using The Professor and Pure Price Action Technical Analysis.
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 – 0.661096 – 0.657377
AUDUSD – 0.718275 – 0.71342
USDCHF – 0.915795 – 0.908818
EURUSD – 1.182719 – 1.174548
GBPUSD – 1.313882 – 1.304510
D1 Analysis:
- NZDUSD
- overall long trend
- already completed 4th leg
- in consolidation period
- waiting for a break of current zone to determine future continuation or reversal
- at supply zone
- AUDUSD
- overall long trend
- in 4th leg
- at the supply zone
- if the supply zone holds then we can expect sideways movement or trend reversal in the upcoming weeks
- USDCHF
- overall short trend
- possible double bottom pattern on H4 and D1
- waiting for correction or complete reversal
- heavy support level
- We can expect sideways movement or trend reversal in the upcoming weeks
- EURUSD
- overall long trend
- in consolidation period
- key resistance level
- We can expect sideways movement or trend reversal in the upcoming weeks
- GBPUSD
- overall long trend
- in 3rd leg
- possible double top on H4
- at supply zone
- if supply zone breaks then continuation of long trend
Cheers to another successful week!
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