www.fxtrainingzone.com GBP/USD trend continuation (Long) trade based on the 4 hour closing candle: - Belt holding 4H close above previous resistance at the 23.6 fib level 1.6468. - Price action found support off the 8EMAon 4H and closed aggressively above the 1H box range. - 1D shows the 8EMA had taken control with price finding support off the 21EMA. - Angle and separation developing nicely on the 8 & 21 EMA's on 1H and 4H charts.
www.fxtrainingzone.com GBP/USD short trade with an early 4 hour entry: - Important long term monthly levels. - 1H price action found resistance off 50% retracement line - Candles showing lack of conviction to the upside. - Monthly 21EMA present
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EUR/USD long trade based on the Non Farm news candle showing strong upward momentum: -4H strong support zone off a rising support channel. - Price has found strong support off the 61.8 retracement level on the daily chart.. - 5M chart indicating more upward momentum.
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Strong momentum shown with bullish engulfing candle from the pull back to the 21EMA Reasons for Trade: - Price found support off the 21 EMA 4H - Price failed to move lower from a bearish candle formation - Daily showing strong upward momentum. - Final 5th Wave now complete.
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Bullish engulfing candle of the 55 EMA daily. Reasons for Trade: - Price found support off the 55 EMA daily - Engulfed previous resistance area. - Price action found support off the 200 SMA on 4H - Used 5M chart to gain entry.
