Understanding where price will turn comes back to supply and demand. Price is likely to rise from quality demand and fall from quality supply. Last week I highlighted UJ for a short as not only was it at a daily supply level, it was also a significant turning point on the weekly chart too. If you missed it you can find it here. I don't do this very often but I looked on a couple of trading forums and some unfortunate souls were going long into the supply. They posted entries and why they were entering and it was all pivot points, moving averages and the like. They were soon talking about losses and how they're weren't sure why.
My analysis mainly focuses on where quality supply and demand levels are so that I can trade from them. There was a quality long trade on UJ last week but only when taken at the right time.
Some of the analysis shared in the members area is below:
When the short was over, we went long, using the same logic. Price is likely to rise from quality demand and given the right confirmation (an engulf) then we will be going long too. Here's some of the long analysis from the members area:
There were lots of pips on offer last week and UJ is just one example where we take pre planned high quality trades that often run for over 100 pips. You'll notice that there was a second entry on the UJ short and I'll share more about how to add to your trades without increasing risk in coming posts.
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