Hi, Readers !
Banks often eyes on liquidation and collection of orders from retail traders before pushing the price up and down. Usually they take the help of most important support and resistance & when we see engulf the areas, then we usually need to understand the reason of such price action. Fakeout up or below , mpl levels approach & that is why I’ve always targeted pairs with most in news & with clearer swings & that is why I’ve been successful posting charts before they really turned up or down.
Fundamental trading helps only when price Approaches crucial areas of turning
Fundamental or news trading is the easiest way to make money in Forex, but you need to understand the reason why price shifts and how it approach crucial areas before it turned up or down. Scalp here or there usually don’t work but if You trade with conviction and practice, then you won’t need any other thing but to wait for the release and mark the areas and trade with small stops and get surprised over time with the results.
That is exactly what happened with usd/chf chart . As we all know that Usd/chf & Eur/usd are negatively correlated and ECB policy decision was due to release on Thursday & that is what we all need to see why price shifts momentum on crucial day & due to weekend price found support and now test the broken area of importantce which I marked with brown trendline & will keep an eye on how it approach and I recommend stay shorts with tight stops and I’m sure , we are eyeing another 100-150 pips on the pair.
Stay Tuned for weekend updates !
Updae on 17th September 2019
Aud sell reenter around 0.9084 stop 0.9112
Target 1st 0.9040
Target second 0.9015