I will start with some reflections. Lately on the markets there was many emotions, what doesn’t help the system. Losses are normal but there was less profit than normal and it seems like it was caused by waiting after the signal. Many times we can hear that the best signals are these when price is moving in our direction just after it. I open positions on 50% retracement of signal candles, so I had no chance to enter this kind of positions. Of course it gave better RR potential but it caused that I entered only part of signals. I will try to change it but I also have to change my risk management program.
It doesn’t change the way of chart analyzing. Let’s start:
AUDJPY
Yen is getting weaker and AUD is strengthening. Thanks to that we see three bullish sessions in a row and break above resistance. If it will be successful and daily candle will close above mentioned level we can consider opening longs.
If you are interested in Price Action Strategy description, you can read it here.
AUDNZD
This pair reached resistance as expected. On February 12th there was good Outside Bar buy signal, but position didn’t open because of too shallow correction. In this case we couldn’t open position with market price because RR was too small.
AUDUSD
After sell signal price went up and we hit SL. After such dynamic increase sentiment is clearly bullish so any bearish correction should be used as a chance to open long position.
GBPJPY
This pair is also breaking resistance which is in strong bearish trend. Probably it won’t be good opportunity to play longs against so strong trend, but this correction can be an opportunity to open shorts.
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GBPUSD
Very interesting situation on Cable. On H4 chart there is an attack on resistance and currently Inside Bar was created, so we have 3 possibilities:
- Break below and close below mother candle range (green on chart). Then we can set sell limit order on 50% retracement of signal candle and SL above it.
- Break above and close above mother candle range. It will be long signal and I will open buy limit order on 50% retracement of signal candle and SL below it.
- Break above and come back to mother candle range. We can open short position with market price and SL above signal candle.
USDCAD
Interesting situation on Loonie. Pair decreased below support on Tuesday, yesterday went up and ended session with bearish Pin Bar. There is possibility of further appreciation nad we just have to open position with market price. SL above yesterday’s high (about 100 pips), TP is 350 pips. No position management, it’s SL or TP.
