If Carlsberg did forex this would be the best entry you could wish for!
Bought on the closure of the previous hour's confirmation and we had zero drawdown.
Of course there is more behind the readon of this trade other than guessing where price is going. To understand i'd need a few charts to show you but basically on the daily this is a nice rejection level at the 0.84813 level which if you scale up on the daily you'll see why. Now if we look on the hourly you'll see we were getting these wicks down from that level but never closing below. We did have a small period where price started to close under but then it quickly went back up.
So after we saw the rally down again and these last recent wicks rejecting off the minor support of 0.84735 we became interested. Price then closed back above the daily support so on the last wick down we bought. Only a short term trade with a tight 7 pip SL with a 3.13 RR making this a nice low risk high reward trade on this slow trading week so far!
Bought on the closure of the previous hour's confirmation and we had zero drawdown.
Of course there is more behind the readon of this trade other than guessing where price is going. To understand i'd need a few charts to show you but basically on the daily this is a nice rejection level at the 0.84813 level which if you scale up on the daily you'll see why. Now if we look on the hourly you'll see we were getting these wicks down from that level but never closing below. We did have a small period where price started to close under but then it quickly went back up.
So after we saw the rally down again and these last recent wicks rejecting off the minor support of 0.84735 we became interested. Price then closed back above the daily support so on the last wick down we bought. Only a short term trade with a tight 7 pip SL with a 3.13 RR making this a nice low risk high reward trade on this slow trading week so far!