I have been occupied with something else of late which has kept me from this blog. I am now back and to start off I want to discuss two trades that the senior traders in the Forex School Online community forum entered and posted live for other members recently.
USDJPY 4HR SETUP
This first setup was a large and obvious Bullish Engulfing Bar (BUEB) on the 4hr chart. This BUEB was with an obvious up-trend and at a retracement back to a value support area. Once price broke above the high of the BUEB price flew higher for a massive risk reward trade. Price has now moved a little lower into support, but the traders who entered the BUEB have had a great chance to take their profits.
EURNZD DAILY SETUP
This pair formed a really large BUEB on the daily chart. This setup was formed at a support area in a raging market. Price has moved substantially higher from this setup and given traders a chance to take profit or at the minimum move to break even.
Leave a Reply