So after my analysis on AUDGBP earlier, we can see that the price action has return to retest the new support.
We now switch to the 15 minute chart for our entry. So on the 15 minute chart, the price action will rise to breakout at point B and will form a higher high (Point C).
Then it will retrace to make a high lower and retest the support (At point B Breakout)...
This is a key resistance area on the weekly which has been tested. On the 4hr we see a clean breakout long form the previous high (Point A). Now the price action is returning to retest the new support level (Point B). Once this happens we will then revert to the 15 min chart for a entry long. Look at how to enter a trade properly on the 15 min chart on my previous post.
January seems to be a poor month for most foxex pairs. However I did manage to find 3 suitable entries. Only one trade was successful.
trade 1 (successful)
target = 0.5260
stop loss =0.5224
stop loss =0.5283
target = 0.5325
entry = 0.5291
stop loss = 0.5286
target = 0.5320
entry = 0.597
Nice rising wedge here I’ll be looking to enter at 0.55635 , I expect a fall below the trend but close within and continue to climb to my 1st TP 0.55766 and put 50% profit back in once consolidated to the trend line