The start of the week was very good, the orders with Buy/Sell Limit discussed yesterday, (LINK) have been activated and bring quite a good profit (a total of about 250 pips). Time for next possible trades:
I was writing about sell signal on this pair. Due to the quite jerky graph I was not quite convinced to open the position. Currently, however, 50% of the clear sell signal is being tested, which would let us place a Stop Loss 35 pips over the price. Take Profit, in turn, is 240 pips, which gives the R/R almost 7:1. That is why I choose to enter the market.
On this pair a buy signal occurred after breakout from the Inside Bar, but the Stop Loss needed to secure that position is too big. Therefore, I will wait for another buy signal, which will allow better parameters of Risk/Reward.
On cable appeared an Inside Bar. Breaking from it can allow us to open a long or short position. Scenarios are possible:
- If it breaks the bottom and the candle closes below the candle’s range, it will be short
- If it breaks the bottom, but the price goes back and closes within reach of the candle it will be signal for going long,
- If it breaks the top and the candle closes above the mother’s candle, it will also be a long signal. Of course, you must remember to select the appropriate parameters SL and TP.
Also on the Dolar to Yen was created an Inside Bar setup, and playing it will be identical to the Pound to the Dollar. It is worth noting that already ten H4 candles are inside the mother candle range. This can make a dynamic breakout.