Hey elitetrader, welcome to my signals thread. I've been trading forex for a while now and done alright with it. I'm going to start posting some of my analysis here and hopefully you guys can give me some feedback. Looking to learn more and improve my skills with all the experts here. Hope you guys find this all find it useful, and I'm open to your honest feedback. That's why I'm here.
Hey Andy, thanks for the reply and fair question I've been trading professionally now for two years. I've had various degrees of success, but this is a new strategy I'm developing which is why I welcome your feedback.
NZD/JPY 15min chart My thoughts: According to the RSI indicator and price action, NZD/JPY is looking like a bearish market to me. Given the red levels of support, there’s a high probability that the price will reach the second support line. The green lines are the Stop Loss I set. It really depends on how much risk you’re willing to trade with. The closer the green line is to the price the lower the risk of your Stop Loss, the more I’d recommend taking partial profits in the first line of support. Then move your Stop Loss to break even (so your risk at that point will be practically zero) and wait for the price to reach the second red line.