After a 6 month drop, price goes out of the downtrend tunnel to create a short term bullish trend. Price arrives on a confluence level : divergence, round number and fibonacci 0,236 acting as bull blocker. Price is now breaking the lower level of bullish short term tunnel, this is our SHORT opportunity.
I'm expecting a drop to the previous low.
Cross-pairs Strenght Analyze : GBP meets resistance against AUD, CAD.
Please share ideas and comments. Cheers
ENTRY: 1.53463 (to be confirmed, if a retest of not of downtrend tunnel) Stop Loss : 1.55602 TP1: 1.49825 ============================================= Trading rules are : 1. Trades are taken in 1, 2 or 3 units depending the situation. 2. If 90 percent of first target is reached I move stop loss to break-even. 3. If 90 percent of first target is reached without triggering entry I cancel the trade. 4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels. ------------------------------------------------------------------------ My 5 tips to keep in mind that will save you from losing : - Make sure to have enough Momentum on your side - Use powerful confluences (BRN, major S/R, Div, Trend-lines, Fibos) - Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations - Good price action (pinbar, inside bar etc..) at bottom/top for a good price - Enjoy your wins and learn from your losses
Hello, i see you are one of the few people who analyze the strenght of a currency. This is very important to make a final decision. I use a paid indicator available only for MT4. It says the GBP now is stronger thant the USD but losing momentum. The USD is recovering. Best regards.
MisterTrader
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Hello FTPT, yes I made my own indicator based on S/R charistic analyze, And I would like to also take into account pairs volumes and Fundamentals in order to complete my vision and be relevant. Work in progress ! Cheers