I am new to trading, any feedback or advice is welcome via the comments or chat.
The analysis has been done on NZD/GBP, I have drawn my trendline from the 4hr chart and plotted my support and resistance zones on the 1hr chart.
I think that the price will make a retrace back to the trendline @ around 0.5230 range at this point then I will be looking for a entry point using the candlestick patterns method. once I have entered this trade i will have my SL and TP set (Seen below).
Once entered the trade:
EP - 0.5230 (or around this area) i will be waiting for a touch of the trendline.
SL - 0.5280
TP 1 - 0.5130
TP 2 - 0.5110
When I have entered this trade I will be looking for it to hit TP1 once the price has got close to TP1 I will re evaluate the price and trend and if it looks like it is going to continue down I will close the position at TP1 and leave a small position open to continue on to TP2. if it looks like it will not continue down to TP2 i will close all the position and take profits at TP1.
lets see how this one plays out
The analysis has been done on NZD/GBP, I have drawn my trendline from the 4hr chart and plotted my support and resistance zones on the 1hr chart.
I think that the price will make a retrace back to the trendline @ around 0.5230 range at this point then I will be looking for a entry point using the candlestick patterns method. once I have entered this trade i will have my SL and TP set (Seen below).
Once entered the trade:
EP - 0.5230 (or around this area) i will be waiting for a touch of the trendline.
SL - 0.5280
TP 1 - 0.5130
TP 2 - 0.5110
When I have entered this trade I will be looking for it to hit TP1 once the price has got close to TP1 I will re evaluate the price and trend and if it looks like it is going to continue down I will close the position at TP1 and leave a small position open to continue on to TP2. if it looks like it will not continue down to TP2 i will close all the position and take profits at TP1.
lets see how this one plays out