DP’s on the GBP 60min Chart

Hi Everybody,

The DP’s (Decision Points) are very useful for pinpointing areas of support / resistance. These work particularly well in a narrow range bound time lime we have had recently on the 60min GBPUSD Chart.

When there is a “fake out”, a rally in this case, notice how the DP pinpointed the area where the rally reversed. The GBP then declined straight down in opposing DP support.

As such, there was the opportunity for a nice +3.8R Profit (ignoring slippage and commission) as this decline unfolded

Thanks, Steve

Don’t forget the longer term Charts

Hi Everybody,

Just as I said in the “Day Trading” Blog, sometimes the longer time frames charts give you great results. A good example is on the 240min GBPUSD, as you can see, the recent TS3 sell has just reached the first projected profit target for a very nice +5.2R Profit (ignoring slippage and commission)

Again, another good example on why you should not forget the longer time frames charts, particularly on FOREX

Thanks, Steve