I see some of the setups last week were working. If you take some pips of profits from these setups, congratulations. As the current price just went back to the initial entry point.
Last week’s webinar on FreshForex taught about trendline breakouts as the first confirmation before looking out for the retracement. It can be either short or long trades based on how strong the breakout is.
A bit late, but you can look for a sell on GBPUSD after this breakout. The retracement was quite strong too, so expect smaller target first if you want to sell it.
As another major pair, EURUSD can be taken into consideration if want to look for a sell setup. As the price broker the trendline and retraced back perfectly. Mind the trading lot before entering the market!
Gold formed the same pattern too. But I don’t recommend you to take this trade as it has the risk of 200+ pips whti 350+ pips. Just take this as a reference.
Another major pair formed the same pattern is USDCHF. As the price formed a higher high, it can be considered as rising trend from now on. You may look for a buying setup on smaller timeframes.
There is a term that can be taken advantage of when you combine it with price action strategy. This has been taught in FreshForex’s webinar a couple of times. This term is called BRN or Big Round number
This involves psychological number where price will mostly reacts on the very first touch. It is a double zero level (1.xx00/xx.00 on 4 digits or 1.xx000/xx.000 on 5 digits). Take a look at USDJPY as a reference…
Price can be reacting earlier or later after the said level. This really depends on which demand/supply area is located near the level. You may see USDCHF as another reference.
How about Gold that moves around 100-200 or more pips a day? You can try to mark the BRN level in every 500 pips instead of every 100 pips.
This is the example of perfect case of BRN. A swap area around BRN level on GBPUSD. Make sure to combine it with your preferred strategy if you want to utilize BRN.
Let me share and re-share some available setups to be watched this week. Starting with EURGBP where the setup is still valid. Be sure to calculate the risks first since I’m expecting more than 200 pips worth of target.
Some new setups found after the FOMC news last week. Starting from EURUSD where the price is retracing before going for another drop. This big round number along with a supply area is a good place to wait for the selling confirmation.
GBPUSD has a same pattern as EURUSD where you can wait at this supply area. These two are the good example of how you can utilize BRN with a good supply/demand area.
Although that it looks like the same area, we can see that AUDUSD has a bigger supply area, means that this setups has a bigger risk in terms of SL level. It is better to not put a limit before the price confirming a sell setup later.
These simple analysis method can be found in FreshForex’s weekly webinar. Don’t miss this one this week…
Let’s see some setups we can take part with weighted risks, of course. Gold is starting to have an uptrend. A retracement can be expected on this area along with a good BRN level.
Next is GBPUSD where you can wait for a retracement to make a good buy on this area. A good chart pattern, I may say.
Waiting for a good confirmation, we can wait on USDJPY on this demand area, just wait for a confirmation, no buy limit just yet.
