How Tflow® Boxes AGAIN map clearly your strategy – illustrating EURGBP
I covered EURGBP in last 4M. This is also the session where I shared with students simple trend analysis and argued that EURGBP is at strong resistance and that it is seeing a potential trend reversal.
However, one key thing which I brought up is the use of boxes and which I realised many students are not using boxes as the foundation of their analysis, especially new intakes. They tend to just zoom to spot 1234, which is not according to the steps that were being taught in Tflow® course.
Please look at a previous posting on how Boxes map clearly the strategy on USDSGD
And also one posting which I highlighted the issue on not using Boxes as foundation in analysis and comment made by yong on his usage
I like to flip through all timeframe charts to spot for conditions such as Big Move or WRMB. One thing about these conditions – usually when 2 boxes are about the same high/low, you will know that either BM or WRMB is about to happen. So do keep a look out for 2 boxes about same high/low. This is how I spotted EURGBP in Daily chart
Big picture planning
I have to know that this trade is good. So the task is to find all possible resistance that provide resistance at point 4.
Again, looking at daily chart, we will need a H4 price confirmation to confirm this WRMB, ideally also below 8570. Otherwise for this reversal trade to be successful, we will have to wait for a Head Shoulder formation to evolve.
Update on 14 Aug 10pm
On the successful trigger, base on recent price action, if below 8535, we see 8510 as a support level. Below 8500, will be 8450, 8400 offering support.