In this trade analysis, I would like to review trades based on strong trading levels I showed you on Monday in my Weekly Trading Ideas Video.
I was talking about four strong support and resistance levels, from which three got already tested yesterday.
If you missed the video with the predictions, you can watch it here:
Lets now have a look at the trades one-by-one and see how they went!
This resistance was hit yesterday and there was a super quick reaction to it. The trade was over in just a couple of minutes with a potential of +15 pips. If you held the trade longer you could have taken more. However, +15 pips is more than enough for an intraday trade on a forex pair with so low volatility as EUR/GBP.
The picture below shows the reaction to the resistance.
EUR/GBP, 5 Minute chart:
NZD/USD 0.6588 Long, and 0.6579 Long
The next strong trading level I was talking about was a support on NZD/USD at 0.6588.
This one was based on a combination of two trading setups.
The chart below shows the prediction I made on a 60 Minute chart:
The reaction to this level came in the late US session yesterday. It was very precise and the maximum you could quickly take from this trade was +26 pips.
NZD/USD, 5 Minute chart:
In the video, I also said that if you preferred tighter Stop Loss, you could also take this trade a bit lower, from 0.6579.
There was also a nice reaction to this support and the price first made a +12 pip reaction, and if you held the trade longer, then +30 pip reaction (so far).
NZD/USD, 30 Minute chart:
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And this was the reaction! The price hit this level and turned sharply making a nice pinbar. The maximum you could have taken from this trade was +22 pips, which is more than enough for an intraday trade.
NZD/CAD, 5 Minute chart:
CHF/JPY 114.50 Long
The last strong level I mentioned was a support on CHF/JPY. The price has not reached this level yet, so it still remains active.
All the other levels I talked about are already spent.
CHF/JPY, prediction (30 Minute chart):