right at the start of last Monday’s London session session, typically a great time to enter new trades in major currency pairs, marked by the up arrow in the price chart below as it rose from the support level. This trade was very profitable, achieving a maximum positiveWe had expected the level at 1.2959 might function as resistance, as it had acted previously as both support and resistance. Note how these “flipping” levels can work well.
The H1 chart below shows how the price rejected this level with a large, bearish inside candlestick during last Monday’s London/New York session overlap, often a good time to enter a new trade in a major Forex currency pair involving the US Dollar, marked by the down arrow in the price chart below. This trade has been nicely profitable so far, achieving a maximum positive reward to risk ratio of more than 5 to 1 so far based upon the size of the entry candlestick structure.
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