I am testing out a new strategy now as I have had numerous losses over the past few weeks and my profitability is sliding. I am focusing on larger timeframes to cut out most of the noise of intraday trading. However, to execute the trade I am making sure the 1hr chart is indicating a buy/sell indicator for the trade to play out in the 4hr chart.
The US has returned from their bank holiday today, so there might be a bit more activity around 14:00 BST. In this instance, the 4hr Chart is indicating the USD is overbought and the price is lingering around the previous 3 highs circled on the chart.
1Hr chart is indicating the price is overbought and the 5 & 8 SMA are crossing signaling a potential reversal.
Both 1Hr and 4Hr chart riding the upper Bollinger band indicating resistance.
Trade closed: target reached
⋅
Hit TP1
Trade closed manually
⋅
Market signalling it is now overbought at 22:00 BST. I have closed the trade at 0.91289 to lock in profits prior to the Asian session, as I have a fear the market might reverse.