During the last Best Practice class, students presented their analysis to the class. Below are two of the 8 pairs discussed during class.
Pairs Discussed During Best Practice
Starting from the H4 timeframe.
- Previous Trend was Down
- Price became Flat for 5 weeks
- Previous week (Wk43) was a Bullish expansion closing above 5 weeks high, fitting a BigMove criteria.
Moving into the H1 timeframe
However, currently price is at the top band of an Equidistant Channel.
So what now? Price is currently above the high of 2012. As long as it keeps above, price is still more bullish than bearish.
Students encountered some difficulty when looking at this pair as the trend isn’t very clear. Lets start from the H4.
- Previous Trend was down.
- In week 43, there was a Bullish expansion which suggests a possible H4R (reversal)
- Checking back on the Higher Timeframe, we can find price turned up due to a strong support on the WK charts.
So whats the current play for GBPNZD? Lets look at current price.
Price is closer to Support, together with the Bullish expansion suggests price will be more Up.
Best Practices can help to guide your analysis
These were all analysis done by fellow students during the class using the Best Practice steps.
These steps can help especially if you do not know or is confused on how to begin your analysis.
- H4 Boxes: Determine Up, Down or Flat
- BM, WRMB, H4R, H4T: Finding the Strategy helps you locate the 1234
- Trade Zones, TP Zones, Danger Zones: Lets you determine important support & resistance levels/zones to look out for.
Best Practice is a cycle of 4 lessons starting with BigMove. If you like to find out more, join us for our next BP class on 14 Nov 2013.
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