Hi Folks,
I’ve been watching these 3 trade setups happening for quite some time now. They are based on the monthly timeframe but I will be switching to lower timeframes like 4hr & the 1hr and watch for reversal candlesticks to buy or sell.
These are a long term trade setup happening…
One thing about such trades is that if price moves down or up, it can move in that direction for a very long time and if you have this long term view in mind without worrying about those minor daily fluctuations and keep hanging onto your trade, you can make a lot of profit from these kinds of trades.
The first trade setup is on GBPJPY. See chart below. I may even decide to place a sell limit order and wait for price to hit and maybe place my stop loss like 40-50 pips above that resistance level.
The next long trade setup I see also happening is on GBPUSD on the monthly chart. It heading down to a trendline drawn on the monthly chart. It can bounce back up from the trendline. This is something to watch out for.
As usual, I will be switching to the lower timeframes to get into a buy trade. See chart below:
Another long term trade setup I also see is on the EURUSD, its heading down to a major support area. That’s also something to watch out for in 2015. See chart below:
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