Folks, since I am from Israel I have an interest in USD/ILS and would like to share with you my observations.
The moves on the 4hr chart in this pair are almost always more than 1000 pips and it is just insane. I've never traded it yet but it looks like there is great, low risk opportunity on the 30min charts.
As you can see below these neat consolidation channels happen every day followed by a trader's dream, a clean breakout in either direction, regardless of trend.. The spread on this is around 15 pips.
Why am I saying low risk? Because it is easy to see that price breaks out and once it does, we can identify a Point-Of-No-Return. I've also noticed that if price is forming the mentioned pattern very close, but not touching the 55sma, once it breaks towards the 55sma, it doesn't go very far. That's my first filter.
On the other hand, if price is touching the 55sma while forming the pattern, it always breaks away real good. Take a look.
My target is 300 pips per break.
Would like to hear from someone trading these kind of breaks. Or anyone else for that matter
The moves on the 4hr chart in this pair are almost always more than 1000 pips and it is just insane. I've never traded it yet but it looks like there is great, low risk opportunity on the 30min charts.
As you can see below these neat consolidation channels happen every day followed by a trader's dream, a clean breakout in either direction, regardless of trend.. The spread on this is around 15 pips.
Why am I saying low risk? Because it is easy to see that price breaks out and once it does, we can identify a Point-Of-No-Return. I've also noticed that if price is forming the mentioned pattern very close, but not touching the 55sma, once it breaks towards the 55sma, it doesn't go very far. That's my first filter.
On the other hand, if price is touching the 55sma while forming the pattern, it always breaks away real good. Take a look.
My target is 300 pips per break.
Would like to hear from someone trading these kind of breaks. Or anyone else for that matter