8/4 Analysis: Quick Profits At NY Open
At the NY open, we see the GBP (red line) is the strongest currency although there isn’t much momentum in the market.
On the weak side, even though the CHF (turquoise line) has been the weakest, it’s been flat for over 60 minutes. The NZD (purple line) has been getting weaker steadily over the same time period and therefore would be the one I’d choose to pair against the GBP.
- GBP/NZD BUY
If you were executing our breakout strategy, your pending buy order would be triggered 10 pips above the NY open price.
Within 10-15 minutes, price moves up to your profit target of 20 pips.
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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