My best Forex Training yet ( Morning analysis day 2 ) 4/1/16

"And again, we would be looking for a similar trade to the upside."

"So far, we've broken below our trend line and we are trying to get down here to this previous support level, which is where my targets are. I'm set up with close to a 2 to1 riskreward on this trade."

"And as you can see we did manage to come down and hit targets here on the pound dollar."

"I did expect us to go down here but I did not want to be involved unless we were up unless we retraced up to this previous swing high."

"We were blown out of the water on this cipher pattern."

"Unless we get up here to this zone, then we will be looking for a similar trade to the Euro dollar, possibly a 786 trade."

"And we are involved in this cipher pattern here on the dollar Canada."

"And this one came in from X to A, A to B, B to C, CD completion right here. As you can see, if I pull my 382 targets from swing low down here up to swing high, that we easily came down to hit our 382 target, which gave us a profit of around 58 pips."

"So, there was our pound yen trade the analysis. Hope you guys enjoyed that. Next up we will look at the New Zealand dollar"

"And I do think that we have room to the upside until at least this previous structure level here. I believe that's the next place the market could see some resistance. I think that we will probably make it to this area before seeing a significant reversal."

"So, we've got our previous structure level here. And what I like to do when I have a pullback into a previous structure level and I don't really have a good place for stops is I look for some Fibonacci confluence. So, I'll take a Fibonacci retracement from my swing low here to the swing high and see if we get anything against this previous structure level. As you can see, we do have a 382 retracement coming in at that previous structure level. And as we all know, the 382 retracement sometimes can act as strong support or resistance. Since we have that 382 coming in at a strong level of resistance already. And if we look back on the daily chart, that is an actually a significant level of structure. Market hitting it three different times here. One, two, three. And we also have our Fibonacci confluence there. So I do believe that this would be a good zone for a long opportunity."

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