7/22 Analysis: Quick Breakout Profit
At the NY open, we have a strong GBP (red line) but it’s turning back down. On the weak side, we have the AUD and NZD but neither of those currencies have any current momentum to the downside.
However, if we fast forward a bit into the session, here is what the indicator looks like:
Now, the GBP has a steep line up indicating current momentum and the NZD has a steep line down.
- GBP/NZD BUY
If you were to place your pending stop order 10 pips above the opening price, you would have been triggered as price moved 52 pips in your favor.
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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