EURGBP - FANTASTIC BUY SETUP #MyStrategy #educational
Price has just touched a weekly trend line. A lot of traders go long (or short) based on a single candle. I don't like this approach. I prefer to study swings behind candles. For this reason I trade after a breakout and close above (or below) certain trend lines.
In this case we have a weekly uptrend and a 4h counter trend line! A breakout and close above the CTL is a perfect sign to go long in a weekly perspective. For example a CTL formed by 1h swings or 30 min swings don't have any meaning for a weekly trend line.
In this case we have a weekly uptrend and a 4h counter trend line! A breakout and close above the CTL is a perfect sign to go long in a weekly perspective. For example a CTL formed by 1h swings or 30 min swings don't have any meaning for a weekly trend line.
Order cancelled:
price did not close above the new ctl formed. Trade cancelled.
