Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis:
As shown below price has fallen into a pretty steep downtrend in the previous few weeks, with a push to the bottom it found a hard time breaking past the 1.0300 area and showed rejection to that area and pushed back up. I noticed that price had started to form somewhat of a uptrend and has even bounced off of some support which you can see more clearly on the hourly time frame proved down below. For me to enter this trade I am going to need a close above recent highs and a very bullish candle, at that point I would only be ever risking one percent of my total capital.
Hourly Analysis:
Price has already shown support off the areas marked down below and you can see a little more clear that it had multiple candles of rejection before moving to the upside and continuing on in the up trend. I think a close above the red zone could be a good entry for a long position and could end up in a good risk to reward trade. This could still be a risky trade due to the recent down trend, if you want more confirmation you can wait for price to reach that next black lone marking the next zone on this pair.
When I enter any trade I will risk one percent of my total capital to keep my losses to a minimum but to also but my strategy to work in the big picture. If you have a trade with a one to five risk to reward, you can cover five if not more losing trades with a single big winner. Keep an eye on your risk management and do not get cocky and put too much at risk on a single trade. Hope your trading weeks goes well and if you have any questions on my strategy just comment down below and I can put together a full on list of my rules and how I enter a trade.
Thanks again,
KeySlot
Daily Analysis:
As shown below price has fallen into a pretty steep downtrend in the previous few weeks, with a push to the bottom it found a hard time breaking past the 1.0300 area and showed rejection to that area and pushed back up. I noticed that price had started to form somewhat of a uptrend and has even bounced off of some support which you can see more clearly on the hourly time frame proved down below. For me to enter this trade I am going to need a close above recent highs and a very bullish candle, at that point I would only be ever risking one percent of my total capital.
Hourly Analysis:
Price has already shown support off the areas marked down below and you can see a little more clear that it had multiple candles of rejection before moving to the upside and continuing on in the up trend. I think a close above the red zone could be a good entry for a long position and could end up in a good risk to reward trade. This could still be a risky trade due to the recent down trend, if you want more confirmation you can wait for price to reach that next black lone marking the next zone on this pair.
When I enter any trade I will risk one percent of my total capital to keep my losses to a minimum but to also but my strategy to work in the big picture. If you have a trade with a one to five risk to reward, you can cover five if not more losing trades with a single big winner. Keep an eye on your risk management and do not get cocky and put too much at risk on a single trade. Hope your trading weeks goes well and if you have any questions on my strategy just comment down below and I can put together a full on list of my rules and how I enter a trade.
Thanks again,
KeySlot