To practice find multiple entries, I selected Dec 2019 to find multiple possible trades using my current strategies. By looking at the charts only 4 out of 6 trades would have been successful. This would not have been good enough; a change to my strategy is needed to get my success rate increased. Trades 2-5 could have been cumulative thereby making 4% from a...
Target 2 has now been achieved, the resistance line has been surpassed and is now the support line. A new resistance line has been created. A engulfing candlestick has also been identified which meets my basic requirements.
Entry = 0.5114
Stop Order =0.5117
Target (1%)= 0.5171
As the trend is fairly stable at the moment a target of 1% seems fairly sensible.
NZD weighted index on the 12H time frame, we can see the market has tapped off a previous zone of reversal while creating convergence on MACD, and creating an inverted head and shoulder formation.
Seeing as NZD and AUD move the same way, and both currencies look very bullish, I expect NZD to gain strength across the board for the next month or so....
I am new to trading, any feedback or advice is welcome via the comments or chat.
The analysis has been done on NZD/GBP, I have drawn my trendline from the 4hr chart and plotted my support and resistance zones on the 1hr chart.
I think that the price will make a retrace back to the trendline @ around 0.5230 range at this point then I will be looking for a entry...