menber100 wrote: ↑
Wed Sep 30, 2020 12:33 am
5 reasons why I took this sell order of the NZD JPY, session of NEW YORK
1. the price touches the downtrend line.
2. the price reaches the 50 fibonacci level and a pullback is likely.
3. the price is approaching the upper ATR level
4. the price touches a zone of supply and resistance
5. histogram reaches a high reversal peak
@amdudus are these confirmations correct to take the operation in my favor ???
Thank you for your collaboration, we continue to study to achieve profitability in the future..
On the screenshot, the price approached the resistance level, and at that moment all confirmations are correct. Sell. Close orders and make profit. Rollback has occurred.
But, apparently, the strength of the currency was on the side of the New Zealander and the price is retesting the level and breaking it. Breakout. This was the third test. If you look closely at the chart on H1, the strength of a currency is a very important indicator; it also moves in waves.
The H1 graph had to be filtered with a lower level, for example, M5 or M15.
Below is a screenshot of the trading style of the three-time world champion (I don't remember which version) Toshko Raichev, who is a millionaire thanks to Forex.
This is exactly what happened on the NZS / JPY pair, the pullback from the level, return and breakout.