This is a trend following analysis using a breakout entry formation that generally has the greatest results. This analysis is good for 4H trading, but can also be used on almost all time frames and on all pairs. Basically, this analysis is based on breakout and certain forms of reversals. The analysis seeks to highlight potential breakout setups that can result in higher reward. To ensure consistent successful trades, the trader should exercise some degree of patience and wait for the perfect set up to execute trades. There’re are several types of breakouts, I only focus on two types of breakouts, trend line breakout and double top/triple top/ bottom breakout. Even with the two, I only trade double top/ triple bottom breakout most of the times and trend line breakout at some other times. Double top/Triple top/ bottom breakout is more dependable and reliable than the other. Note, trend line breakout includes also breaks that occur out of various shapes such as wedges, channels, triangles, and all the other shapes part from rectangles. Below are the simple sketches of some of the breakout setups I’ll be focusing on.
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#ASX weekly Technical observation Last week,#ASX went down below a supportive key line 6130.0 with a big red candle, it rallied steadily towards the key supportive zone 5684.1-5639.7 but could not reach it and is still showing signs of declining towards it.This week’s candle opened below 6130
Technical observation EUR/USD is still rallying between the zone 1.1655-1.1646 and a support 1.1533,I expect either arise to the zone and a rejection within it for downwards momentum of price or a clear breakout below 1.1533 followed by a correction to it for possible bearish momentum towards 1.1441
Technical observation GBP/USD is currently rallying on an increasing bearish momentum towards the support 1.2904. Yesterday, this pair rose to the key resistance zone 1.3315-1.3281 but could not penetrate above it and was rejected closing below it. I picked short positions within the zone and I’m ho
Technical observation On the daily chart above, US dollar went up as predicted against the Japanese Yen and I still expect a rise in price of the dollar towards 114.53.If you picked long positions yesterday within the key support zone 111.82-111.61, remain long with your take profit at 114.51 and st