Spotted the best pair to long the SGD.
SGDJPY weekly chart showed that the Sing dollar have lose its bearish momentum when it manages to break out of APR’s high and 1 year channel. In order to enter with a low risk, small-time frame was chosen to hedge my entry.
On the Daily time frame, I have noticed that market has a strong key area that market has a high tendency to respect it. In order to increase my winning probability, I have decided to wait for market reaction out of that area.
Waited for a consolidation action to appear on a smaller time frame before entering as required for a market directional move.
As market dips back into the key area it triggered my bull limit order which has put me into a 1:3 RR trade. As I have been really busy this week, I was lucky enough to take …