XAUUSD Don't jump on a speeding train. I will try to explain the dangers of trading in an accelerating exchange rate. The graph (not analysis) shows how the daily correction distance changes as time progresses. The daily adjustment bar may not be met within a day. It may take 2-3 days. But the point is as follows. The width of the correction bands is given by the...
After the price has broken through the first support level there are two bull moves setting up selling opportunities. Once price has broken back through the support level price falls a bit over 10% in the following weeks of trading. Support it then found and price turns rapidly from the second support level.
Once the first support is broken there is a strong bull move which sets up great selling opportunities. After the break price drops 60% over the next year. Once the second support level is hit, price goes sideways for a while and then begins to make a new uptrend.
In the 2008 crash in AUDJPY once the first support level was broken there was a blisteringly strong sell off over the following weeks. Taking price down around 25% to where it finally found support and made a low price around the second support level.
After the first break of the support there is a rally, this would present the best selling opportunity. Price drops about 25% in the year following the break of the support. Makes its low on the next support levels. Has a second touch of the support level and then begins a new uptrend.
Once the first support was broken, there was a sharp move up and then a strong move downwards. Understanding the market was weak after this level being broken and selling into the bullish move would have given a great trade. The market dropped 20% over the following months. Support was then found on the next support levels, and the market made its low.
Herewith I do posting my own analysis about GBPJPY .
Please see carefully that actually , the wave A correction of GBPJPY is not yet finish.
As you can see, the price get pull up to wave iv ( 141.868 ) , and after that , price will falling to 140.186 as wave v ( last wave of wave A too ).
Anyway, all of this just my idea
Please trading wisely...
Here is a simple, yet effective long trade on GBPNZD . This is taken from my own day trading strategy which incorporates a few technical indicators and common sense to enter accurate trades with good reward:risk ratio.
Entry Criteria - Bullish rejections of daily pivot level. Price closed above.
Stop Loss - Below current lows.
Target - Daily Support 1 level (S1)...