I’ve been making a better effort to check what’s been going on the 4 hour time frame in these faster paced markets. The EURUSD downward trend seems to have lost some momentum and we are seeing price really ‘jam up’ and congest above a daily support level. The EURUSD was basically in ‘freefall’ for a while there, but now we’re starting to see a lot more thicker bullish bodies in the daily candles as this market attempts to recover.
The EURUSD 4 hour chart produced a large ‘thick bodied’ bullish rejection candle / pin bar setup, signalling that higher prices are likely to develop. I always try to line up 4 hour setups off important daily levels to help increase the probabilities of the trade working out. A retracement entry has already been offered on this setup, let’s see how this one plays out to finished off this week’s trading.
Trade Update
The 4 hour EURUSD trade setup we recently discussed took off nicely as the market push up off the daily support level. Using our tweaked retracement entry method into large ranged rejection candles – this trade was able to hit our 1:3 risk reward target price. Thankfully this occurred before the FMOC announcement. I don’t follow the news but whenever the Fed does these statements, it can cause more volatility than NFP. Sometimes it can be in favor of your trade, but usually the volatility will wreak havoc on your open positions – so it’s one of those news events I try to remain very vigilant with.
I’ve been watching the 4 hour chart more and our War Room traders are also taking advantage of some of the 4 hour signals that have been forming in this fast moving markets. If you would like to learn how we trade with price action on the 4 hour chart, and the daily time frame… check out our War Room Trader Membership Package.
steve
yeah… is tru but cant fear of that and have trust your self bro… you must caucalat your equity n margin.. thats my experians share for your guys… hoop use full
leon
saw this pattern yesterday. boy i wish i enter it. was scare for not known some reason to enter a trade.
Replying to: leon
Dale WoodsAuthor
Sorry to hear that Leon, that’s classic trading psychology working against you – ‘fear’. Sometimes we just have to pull the trigger on these trades if we can’t find a reason not to enter.