Hi Everybody,
Today I would like to look at how to Analyze a Cross rate “from the top down”. As usual, we start with the larger degree trend. We are looking for areas of support / resistance. Once we have found there, we can then move down to the shorter time frame to see if a low risk setup appears.
So on the GBPJPY let’s start with the 240min chart. Here can you see how there was DP support a while ago, this set the larger degree trend to up, so now let’s move forward to the shorter term, 60min chart and look for a setup.
Steve
Today I would like to look at how to Analyze a Cross rate “from the top down”. As usual, we start with the larger degree trend. We are looking for areas of support / resistance. Once we have found there, we can then move down to the shorter time frame to see if a low risk setup appears.
So on the GBPJPY let’s start with the 240min chart. Here can you see how there was DP support a while ago, this set the larger degree trend to up, so now let’s move forward to the shorter term, 60min chart and look for a setup.
Steve
