Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
I’m going to review a live signal that called in the WET trading room last week.
This week’s signal was called by Michael Storm. Let’s review it:
0.9800 level is a great support/resistant area for CADCHF and we can see how many time price bounced off this level.
Look for some confirmations while trading support and resistant areas, some traders will get the position exactly when price reaches that level, but in these cases there is not any good reason to believe that this trade will be successful.
In this trade call Michael waited for a bounce from that level :
You can see in the figure above we have got a nice bearish candle that rejected the price from 0.9800.
After a small retrace of that bearish candle we took the position and our profit target was that four hour trendline.
That profit target reached with near 80 pips profit.
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