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U.S. Dollar / Hong Kong Dollar

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USDHKD trade ideas

[Signal] USDHKD: Low-Risk Opportunity Arises AgainUSDHKD Timeframe: 1D Direction: Short Confluences for Trade: - Pegged currency @ 7.85 - Stochastic Overbought momentum - Price action at Horizontal Resistance Trendline (Central Bank defends at this level) - The opportunity appears again similarly to our previous USDHKD trade; minimal risk involved) Suggested Trade: Entry @ Area of Interest 7.8450 - 7.8500 SL: 7.8572 TP1: 7.8350 TP2: 7.8210 RR: Approx. 2.72 (Depending on Entry Level) May the pips move in our favor! Good luck! :D *This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Short
by weekendanalyst
USDHKD 11 RRR shortTrading Methodology: 1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend. 2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point. 3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line . 4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line. This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
Short
by fiboracle
USDHKD (1D): Take Advantage of the PegUSDHKD Timeframe: 1D Direction: Short Confluences for Trade: - Pegged currency, strongly defended at 7.85 (Limited risk; any break above the 7.85 levels is gonna be a crisis issue) - Stochastic Overbought momentum - Not directly related but Double Top Resistance for the DXY, helps support the drop in USD strength Suggested Trade: Entry @ Area of Interest 7.8365 - 7.8499 SL: 7.8573 TP: 7.7935 RR: Approx. 2.91 (Depending on Entry Level) May the pips move in our favor! Good luck! :D *This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Short
by weekendanalyst