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 – 0.678356 – 0.674893
AUDUSD – 0.73149 – 0.727685
USDCHF – 0.912552 – 0.908299
EURUSD – 1.186931 – 1.180784
GBPUSD – 1.297206 – 1.288877
- break of last week’s zones occurred to the upside
- continuation of long trend
- double top to form this week if the 0.67899 level holds
- if the 0.67899 level breaks then continuation of long trend
- overall long trend
- momentum is slowing
- key level to watch is 0.74132
- If this level holds then sideways movement or potential reversal in the upcoming weeks
- If this level breaks then continuation of long trend
- momentum has slowed to the downside
- We can expect sideways movement or trend reversal in the upcoming weeks
- in consolidation period
- We can expect sideways movement or trend reversal in the upcoming weeks if key levels break to the downside
- If key level 1.300542 holds then we can expect continuation to the downside
- If 1.300542 breaks to the upside then we can expect sideways movement in the upcoming weeks
- if support holds then we can expect sideways movement in the upcoming weeks
Cheers to another successful week!
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