7/10 Analysis: Profit Target Hit in 5 Minutes
When we look at our indicator at the NY open, there are no real strong or weak currencies continuing with momentum. The market is flat.
This is often the case and we can’t make the market do anything. Our job as professional traders is to simply respond to the changing market conditions and wait for those favorable opportunities to develop.
My advice today on the NY open would be to do nothing, take no action.
However, if you waited about 15 minutes into the session, you would have seen this pattern on the indicator:
The EUR has moved into strength with a steep line indicating current momentum to the upside while the AUD which has been weak all session is now turning down with momentum.
- EUR/AUD BUY
From the time we see the momentum on the indicator, this pair goes up quickly by over 35 pips. If you were looking at a 20 pip profit target, you would have hit that within 5 minutes. After a short pullback, you can also see price continued up for an even bigger move.
Watch the entire video analysis here:
You can see that our Currency Strength Indicator is an effective tool for picking out the highest probability, lowest risk trade set ups while avoiding market conditions that aren’t favorable. If you keep using this tool every day along with our daily Forex analysis, you will increase your win rate and be on your way to becoming a profitable trader long term.
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