As expected we have seen range bound price action on USD based pairs, as traders are awaiting for an important FOMC statement and interest rate decision tonight.
Couple of trades taken today both ended up hitting my set take profit target. Here are trades summary:
1) USDJPY: Placed a buy limit order based on false break of historical SR flip level and recent lows. Price came back above SR level and consumed last supply zone (black line) and created a fresh demand zone close to SR flip level on M15 time frame. If buyers are interested to take price higher than this demand zone should hold on any retest and it did exactly that and price pushed higher towards next supply zone. Trade result +18 pips.
2) EURUSD: This pair remain in a tight 40 pips range in last 24 hours as seen on M5 chart, as such entered a sell limit order at top of the range with take profit target previous broken resistance which could act as support on retest. Trade result +17.5 pips.
Couple of trades taken today both ended up hitting my set take profit target. Here are trades summary:
1) USDJPY: Placed a buy limit order based on false break of historical SR flip level and recent lows. Price came back above SR level and consumed last supply zone (black line) and created a fresh demand zone close to SR flip level on M15 time frame. If buyers are interested to take price higher than this demand zone should hold on any retest and it did exactly that and price pushed higher towards next supply zone. Trade result +18 pips.
2) EURUSD: This pair remain in a tight 40 pips range in last 24 hours as seen on M5 chart, as such entered a sell limit order at top of the range with take profit target previous broken resistance which could act as support on retest. Trade result +17.5 pips.