GA is approaching some key levels really fast with the big bullish run last week this level is 1.88414 and this has not been reached since June 2016 nearly 3 years ago, current price is only 60 pips off this level.
Now there are correlating pairs that we look out for when trading and most of you might not even know that when these pairings move in 1 direction...
We are looking for price to make a lovely bearish run down to our support zone ( green box ) After price hitting 4H resistance today we had a spike through this level and then 2 bearish candles following, this indicates that bears couldn't push through resistance so it is on its way down now.
You could get 60+ pips from this trade, then you can use 2 of them pips...
After a tremendous rally in recent days we can see this pair is exhausted now. While RSI being overbought we have a perfect shooting star candle sitting on the top which suggests a trend reversal.
I have entered a short trade here and marked the tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
Here we can see a clear trend line ( TL ) marked out that has been used as previous resistance and now turned support.
We are expecting price to keep bouncing off this TL and following it down in a bearish movement.
We are keeping this 1 short, sweet and simple as that is the best way to look at charts and learn.
Most of the information on the internet to do...
We are expecting to see price drop into our support zone ( purple box ) there is good bearish pressure at the moment and the zone we have marked on our charts is a strong support zone.
Simple charts allow you to see setups more clearly, don't be fooled by these people who have 10000 indicators on there charts, yes that might work for them but simple really is...
Price is at a resistance level and we are expecting it to respect this level, now it isn't the strongest level in the world but over the weekend there has been a lot of uncertainty and negative news surrounding brexit, a big march with thousands of people protesting, MPs calling for May to step down as priminister and the growing possibility that we might leave...
We can see that price is respecting our trend line and has recently spiked through it, the current candle is a big bullish one and we can only see this level been respected again, so bearish movement from here... SIMPLICITY IS KEY.
Clear your mind of the bull#hit and trading is really simple.
We are looking at a lovely sell on this pairing with a possible retest of recent highs, in our last post we could see price following our TL down to our area, price did break this TL and we can now see price re testing our resistance level before making a move lower to our green zone.
Remember trade with patience, without this you will loose to the market, also...