GBPUSD 200 Pips Box ~ monexnews forex trading news
I have earlier explained the benefit of daily box system. The strategy is simple, draw the box on the daily chart and go down to H4 for trend and M15 for entry. Using this system, you will be able to see price movement clearly.
I have earlier explained the benefit of daily box system. The strategy is simple, draw the box on the daily chart and go down to H4 for trend and M15 for entry. Using this system, you will be able to see price movement clearly.
We now have another 200 pips box. The RSI is a guide as to the upper and lower range of the price action within the box. Carefully observe how price behave no mather the time frame around 50 mark on RSI.
Cable has broken out of the 200 pips box and appears to be heading toward the next box. Price movement is simply a matter of habits. History keeps repeating itself over and over again.
Look at the candle between between 1.57147 and 1.58534 both on the way up and down. I single H4 candle. Also look at the candle on the way down from 1.60000 which closed on 1.56396 and the current candle which took which close outside the box.
If we break the resistance at 1.58535 our next destination is most likely the next zone between 1.58535 - 1.60000. If the resistance hold however, we have landing where the candle took of from i.e. 1.57000 - 1-55000
Happy trading!
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