Bullish trend is still looking strong on weekly time frame, since there is a confirmed weekly trendline break. A break of trendline that has been confirmed by the price retest. It is a strong indication that trend will likely going to continue its journey to the upside. Well, at least to the major resistance trendline at around 1.63450 area.
I will be looking at the opportunity to get long next week. With the current price right now, it is probably going to do some retrace before continuing its move. What would I do is to wait until price itself confirming the support area that is covered on the picture of the 4h time frame. A possible 200 – 300 pips is what we will be getting if the trade is running accordingly for next week.
You can looking for possible short trades too of course. Best way to do this is to look for setup at around European Session or before London open.
Good luck with your trades and be safe.
Latest posts by admin (see all)
- Money Management in Forex: More Than Just Trading - February 17, 2018
- Identifying Trends through Synchronization - February 17, 2018
- Using Multiple Trendlines to Identify Better Trades - February 15, 2018
Winner’s Edge Trading, as seen on: