8 Forex Trading Signals For FEB 13 – FEB 17 2017
I’ve been asked what is the best way to scan markets. My process is my process however one fast way you can do is simply place a moving average on your chart. If price is swinging back and forth around it, move onto another chart (or another time frame. Ranges on a higher time frame can be great trends on smaller time frames.)
If you see price extended from the average, stop and assess price as taught in my free price action trading course.
- We trade the imbalance.
- We trade the probabilities.
- We manage our risk.
Let’s take a quick look at what happened last week.
GBPCHF – Price retraced to level indicated and rocketed to the first target giving over 100 pips. Price continued 219 pips. IF you are still holding longs, watch the current consolidation!!
GBPJPY – Last weeks signals said to watch fake at level. Fake happened price rallied 176 pips. Did not reach target but targets are PROBABILITY. You MUST manage via price action.
AUDCHF – Broke about the level but closed near the middle of the range. Could be setting up a good failure test if closing back inside the level. Next week should show intention
CADCHF – No breakout to the upside. Tested demand line and rallied. Astute traders should have been alerted to this pattern via these signals and traded the trend line bounce