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The Secret to Finding Highly Profitable Trades
Make sure you check out my new video on YouTube where I explain the method of using Top-Down Analysis to find scalp entries with HTF bias. This is the best method to use if you want to find trades with high R:R.
Keep Your Eyes On These Charts
In this week’s issue of the RLZ Trading Newsletter, I am starting with a new concept. Every week I will share all the most interesting trade setups I’m watching in the Forex market. Plus, I’ll provide my weekly analysis on Bitcoin.
NZDCAD
NZDCAD recently broke above a significant Daily level and it looks to be in a local trend. I have marked out a weekly level above to be used as profit-level.
Daily chart
Looking at the local trend, we have a break & retest of the daily level and a clear trendline. What I’m looking for is some type of retest of the breakout level and/or the trendline with the Weekly level as target.
4H chart
GBPNZD
This is a longer-term trade I’m watching. On the Daily timeframe, we can see price hitting a significant support level confluent with the Long RLZ. What I want to see here is a Daily Rounded Bottom and a 4H Bullish Break of Structure where I would use the 0.618 as an entry point. SL goes below the Daily structure and TP at the Weekly resistance area.
Daily chart
4H chart
EURAUD
Here’s another idea based on a higher-timeframe structure. EURAUD is looking to potentially break a 50-day-long downtrend. What I want to see is a break & retest of the blue horizontal area for a move up to the white horizontal which is HTF resistance.
4H chart
GBPAUD
And here we have yet another pair that is showing signs of a major HTF bullish break of structure. This is great for swing traders because by seeing these signs early, we are able to ride the trend for longer.
What I want to see here is a typical Break & Retest of this blue horizontal area for a move up to the white horizontal which is high-timeframe resistance
4H chart
Bitcoin - What’s next?
I posted this setup in the RLZ Trading Room and on Twitter earlier in the week and I still think the $29035 area looks good for a target on this move. We are still in a major range and nothing has really changed. I’m expecting that area to act as heavy resistance. If you are not in already, I would try to get in on this move using the lower timeframes.