To Get Ross' Free Forex Trade Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=fx_trading&ad=dMMjx_4vNMg Of course Monday was a bank holiday here in the US. There was little trading for us on Monday, but yesterday you had a couple of opportunities and you see the trades going at the bottom of the chart. Probably the most profitable one so far has been this Greater British Pound versus the US Dollar [GBPUSD] that you see here going, sitting about 32 pips of profit or so. Seen a little bit more earlier today, up around the 40-pip mark, but a decent opportunity so far. We saw the breakout yesterday. We saw this black box, where the market had been bouncing around in for a few days. Pushed underneath it. Settled out underneath it. Several candles opening and closing underneath there. Even testing all the way down to the green zone, into the 1.4250-level. A rise. Falling coming right back up underneath the blue zone. That’s the retest that we were looking for, and a selling opportunity up there close to the 1.4335-level is the level that we go in at. Just underneath that blue-shaded area. Stop loss of course was initially up here closer to the top of the blue-shaded area, but currently the stop loss has been moved to break even with the fall over 30 pips of profit. We’ve seen the stop loss go to break even using the trade manager. Of course are target: selling the blue zone as we discussed in yesterday’s live Trade Room. Selling the blue zone, we target back down here to the green zone. That’s the first target. And I typically say that. That becomes your first decision zone to close, protect, and potentially close the trade as it tests down into support targets. The green-shaded area. That’s 1.4250. However, we do know that if it continues to break lower, pushes through that green zone, the next target that we could shoot for is the pink zone. So, the deeper it goes, the better our reward, the better the profit, and the lower to the risk to reward ratio or the better the risk to reward ratio becomes for the trade. So, while we did have initial risk, we’re now at no risk because we’ve moved the stop loss to break even, targeting the green-shaded area and then potentially all the way back down to the pink-shaded area over time for the GBPUSD. Moving on to the Australian versus the US Dollar [AUDUSD]. Yesterday, talked about selling into the long-term trend line and the resistance zone on the AUDUSD. I’ve done that, but hasn’t really panned out as I was hoping for quite yet. I’ve been in and out of this one actually a couple of times now as it hit the blue zone, dipped, came back up, and hit the blue zone again. We go down to the four-hour timeframe and here it is right here. We could see the market getting underneath the blue zone, coming back up underneath it here on this candle. Went down to the green zone, came back up, and I’ve gotten into it a second time here into the blue-shaded area. Of course just like the GBPUSD, we expect resistance here. We’re going to target the green-shaded area. If not, beyond that, we could look for it to go down to the pink zone. The risk of course is that it breaks above the blue zone, which hopefully it will not. And then, if it does, we know that the orange zone becomes resistance. And again, above the orange zone, we look for it to go higher. So, right now our main focus for the AUDUSD is that it stays underneath this blue-shaded area, targets back down to the green zone, into the 0.7085-level once again for the AUDUSD. In a similar fashion, we have the New Zealand Dollar versus the US Dollar [NZDUSD] for today’s trade analysis. Let’s zoom out to the weekly timeframe first. You could see the long-term trend line. We’ve been studying that in the Trade Room a lot recently. Definitely something we need to take note of. Zoom it in a couple of times here. Just staying on the weekly timeframe, but zooming it in. You can see what’s happened over the past several weeks. We see the black box up here. The market came up. Three weeks holding inside the black box along the weekly trend line and eventually reversing and going down. Well, guess what. Here, in the blue box, now we’re on our third week. Now, wouldn’t it be nice if this happens again, but we don’t know if it will or not. But definitely want to take advantage of it as it settles out underneath the weekly trend line, into resistance. Last week’s candle very interesting. That large wick on top. Small candle body. It could be an indication of potential reversal here for this currency pair. https://www.youtube.com/watch?v=dMMjx_4vNMg
Visibility: 621
Duration: 7m 23s
Rating: 3