7/17: 10 Minute Profits After Waiting for Momentum
Today we are looking at the importance of momentum when you are picking your breakout trades at the market open.
The strong currencies are the NZD (purple line) and the AUD (orange line) and both are turning up. On the weak side, we have the USD (blue line) and the GBP (red line). The weakest currency is and has been the USD but notice how flat this has been for quite a while. There is no momentum. Let’s look at the price chart of the NZD/USD to see this played out:
Look at how closely the price correlates to our indicator. Now, looking at the GBP, you see there is a steep line turning down indicating current momentum in the market.
- GBP/NZD SELL
You can see on this pair, if you placed a pending sell order 10 pips below the opening price, it went down 44 pips from your entry giving you a quick and easy profit for the day.
You can watch the entire video analysis below:
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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