If we get down to the Green level in EURNZD, I will buy. We have a clear area of former resistance which is at the day’s ATR.
I will look for a move up to the Orange level, where I will take profits.
I am looking for an upside move in GBPAUD. On the Daily chart, we can see there is a clear double top with liquidity past it.
To position long on the H1 timeframe, I want to see a break and retest of the green level. I will look to offset at the silver dashed line and re-enter if I see more compelling price action into my long bias.
There is no hard and fast stop or entry price, until I see what I want to see on the H1.
Ideally I’d like to see a flag-type formation into my green sell level, in order to position short for a break of 105.55.
If we tag 105.55 before it hits my green sell level at 106.54, the trade idea is off the cards.
Supposing we do get back there before tagging the low, I will enter short with a stop loss at 106.93
We might be waiting a while for this one, but WLTW is one of the most obvious trade’s I’ve ever seen!
I will be entering a bid at 132.12 with a stop loss at 125.78.
For now, my target it at the orange line at around 146.00 for approximately 2R.
I will reassess if we get adverse price action ahead of my buy entry.
A very common question I’m asked is: ‘What are your favourite trading books and resources to learn?’. I’m going to reveal my top 7 trading resources.
My first item on this week’s watchlist is a long trade in Gold. The 1330-1332 area looks promising for an upwards bounce, if we can make an arched return to it. As yet I’m unsure of where I want my target, likely around 1343. Stop would need to be 1326.5.
I will be starting the day offered 108.43 in USDJPY, target is 107.9, stop is 108.75.
Multiple touch structural area, past ATR. Looking at roughly a 1.63R payoff.
Letting your winners run is another misconception that holds many traders back.
It is preached and pontificated as the ultimate fix to your trading. The people who say this, as if it were some magic potion, usually have no idea how or why you trade.