Forex Trades - Live Room - Thursday 22nd May

Hi Guys

Bit of a messy day today to be honest…All FX charts setup for retracements back to the 200ma but the problem with this type of trade is that you are trading against the main trend…USDCHF and GBPCHF were all in down trends but finding large support off the daily 50ma.

It was a tough morning because EURUSD started weak, giving an impression that the retracements were on and then rallied and then fell off again after a false break of the 1.5800… USDCHF was then left stranded but interestingly GBPCHF, which was called on the break of 2.0265 came into play with a pullback to the 60min 50ma.. Hard to pick but nevertheless a good break and pullback…

The FTSE was the only other cheeky play…. Support off 60min 200ma on my 15min chart…. Resistance line is clear and break from 6,190 to 6,230…

Sentiment is changing by the day and be wary of false breaks on 15min charts… The 60min smoothes it all out.

Also always remember where the price is in relation with the 200ma… Vvvv important, as pullbacks can be aggressive the further away from the 200ma.

Enjoy the afternoon