Forex Trendline Support Resistance Trading & Analysis (Case Study: January 20-24, 2020) – Trend lines are probably the most common form of technical analysis in forex trading.
They are probably one of the most underutilized ones as well.
If drawn correctly, they can be as accurate as any other method.
Unfortunately, most forex traders don’t draw them correctly or try to make the line fit the market instead of the other way around.
To draw forex trend lines properly, all you have to do is locate two major tops or bottoms and connect them.
NZD-CHF Long Trade
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- Use a demo account or a small live account first to practice this trading system
Overall the sentiment is bearish based on the bigger timeframe perspective, however, looking at the recent correction we have the opportunity to take short term long positions as we see buyers coming upon the touch of the ascending trendline which aligns with 50% Fibonacci level.
- Look for a low test candle closed before placing a LONG trade.
NZD-USD Short Trade
On the 14th of Jan, I shared a short idea on NZDJPY, similar to other JPY pairs as the bulls move are overextended, this fall is long due.
- Heiken Ashi Smoothed
- CCI NUF
- You can combine the trading system with Price Action signals
- Best Risk-Reward Ratio is 1:3
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