Hi guys,
I can’t do a video right now so I will do the analysis in writing. I am stealing the format for the analysis from Metalhawks blog.
1. Long @ 151.55 – strong line
Ok this is a great line. We can see a strong move up from the 135.60 area followed by a strong reversal at our line. This formed a great little scalp line. I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
2. Short @ 145.50 – weak line
I like this line because there are several bounces from the general area and it is also a psychological level. I don’t like it because there is no strong move down and away from the line. There are a few weak ones so I will call this a weak line. If I took this trade I would target 50 pips on a break of the line with a 50 pip stop loss. I won’t be trading this line as it is too risky for me.
3. Short @ 135.60 – average line
This is a pretty good line but it is over 1000 pips away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
4. Short @ 131.40 – average line
Again this is a pretty good line but it is far away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
5. Other lines
As usual other lines are likely to form during the week so keep an eye out. I will update the analysis if any new lines form.
