Price now reach 200 pips from my first entry, refer to my previous chart published on last week.
Price now reaching my h4 decision range, will look forward to see the next price action.
Just sell position since OPEC have decided to reduce the oil production.
Price just enter my buy limit area which i have mark as strong support. Since lot of trader are aiming at this price, the possibility of fakeout happen is very high. TP2 will be max, but i prefer to look at TP 1 price action before decide the new position. This is swing setup where money management is very important.
Although it is too risky to trade any cable pair but GBPCAD is now offering possible buy at low.
Fakeout detected on 13/6/2016 and on next day price retrace to the previous strong support hitting my buy limit.
trade active and I am looking for 300 pips+reward with approximate 120 pips in risk.
If fakeout happen and close above the Orange line, buy setup is valid, if breakout then will find a pullback to setup a sell trade. I am biased to sell trade since support tested for the third time, but will need a large h4 or daily candle to pass the 1.5842 area. going to watch the pair price action next week
Found a very good risk and reward trade for audusd on 4H chart, 4 hour candle rejecting the 50% fibo pattern and at the same time the fibo 50% line which was a previous strong support have now become the resistance. This is combo combination of Support become Resistance and 50% Fibonacci retracement. looking at ...