Nov 3 – Nov 8 2019
If there is one lesson this past week with the 643 pips potential, it is that pullback trading works.
A simple pattern that has an edge if the impulse leg points to a probable continuation.
Using the four-hour chart allows us to look for an entry – trend line breaks, breaks of highs (or lows), range breaks.
The complication in trading is never helpful – the price is going to do what it is going to do.
All we do here is:
- Use simple patterns
- Use trending price structure for entries
- Use breakouts for entries
- Use simple price action (failure tests of highs/lows)
- Various profit-taking techniques.
Keep it simple.
AUDCAD – Price stayed in a trading range
CADJPY – 43 pips as price broke upside
EURJPY – Price ranged
GBPAUD – Price continued to drift
GBPCHF – Triangle forming
NZDCAD – Short trade was active for 81