I invite you after a short break to a review of Price Action setups. Unfortunately, due to the a lot of duties, you have to forgive my irregular entries.
Returning to the trading, actually there is a lack of interesting setups on the charts. End of August was a period of revival, a lot of positions, but now we can see only few:
EUR/USD:
Eurodolar is holding up above the resistance and it seems that the question of time is growth. Long position could be opened after the Outside Bar signal, which I described in my analysis. However, the price did not reach 50% of the signal candle, so more conservative traders seeking to maximize their potential risk to reward will be without position. I also did not open long waiting for a deeper correction.
GBP/JPY:
This is actually the only pair on which a signal to open the position can appear. The resistance is tested and if today’s candle rebounds from it, than it may be an opportunity to enter shorty.
If pair breaks the mentioned level and close the daily candle above, I will look for longs.
GBP/USD:
Significant growth on Cable after Outside Bar signal from August 24th. This is almost 400 pips profit with Stop Loss about 30 pips. Such positions are uncommon, but they can do alone expected quarterly profit. If the position closes at Take Profit, it will bring about 25% profit on my account.
