This is a potential trade setup, if price were to go BULLISH, after rejecting & retesting support.
So I'm really trying to get a grapple on Top Down Analysis & Price Action. So this strategy was simply finding the zones, starting from the monthly and working down to the 4hr where I usually enter the market, with this particular strategy. I came to the zones from Monthly down to 4HR based on Key Fibonacci Levels.
Stop Loss is based on trainings from NNFX (No Nonsense FX) with using the ATR for proper risk management. So SL was calculated by using (1.5 x Current ATR of last 14 candles).
This trade is not a signal to trade, more for learning and educational purposes, trade at your own risk. Just learning and growing. This is basic tech analysis, I have not looked at any trend lines or candle formation, nor have I checked the news, which are things I look at for confirmation that price will either respect support or crush through it.
GBPNZD is usually a volatile pair moving an average of 100 pips, so take caution with smaller accounts and keep the risk at 2-3%.
I am normally an Algorithmic trader, on Daily timeframe, but learning new strategies to keep knowledge in this game of mastery.
If you have any ideas, thoughts, I welcome them all. Positive criticism please. I am still learning.
Signed,
I AM.
So I'm really trying to get a grapple on Top Down Analysis & Price Action. So this strategy was simply finding the zones, starting from the monthly and working down to the 4hr where I usually enter the market, with this particular strategy. I came to the zones from Monthly down to 4HR based on Key Fibonacci Levels.
Stop Loss is based on trainings from NNFX (No Nonsense FX) with using the ATR for proper risk management. So SL was calculated by using (1.5 x Current ATR of last 14 candles).
This trade is not a signal to trade, more for learning and educational purposes, trade at your own risk. Just learning and growing. This is basic tech analysis, I have not looked at any trend lines or candle formation, nor have I checked the news, which are things I look at for confirmation that price will either respect support or crush through it.
GBPNZD is usually a volatile pair moving an average of 100 pips, so take caution with smaller accounts and keep the risk at 2-3%.
I am normally an Algorithmic trader, on Daily timeframe, but learning new strategies to keep knowledge in this game of mastery.
If you have any ideas, thoughts, I welcome them all. Positive criticism please. I am still learning.
Signed,
I AM.