For educational purposes, I have highlighted the components of the successful 4 Hour setup that concluded in today’s New York Session.

4 Hour Setups are very powerful in FOREX.

The Components of This 4 Hour Setup

  1. The Daily Trend on the EURUSD was Bullish
  2. The 4 Hour Trend was Bearish
  3. There was a Break of the 4 Hour Bearish Trend Line
  4. There was a Break of the 4 Hour Previous High to form a new Higher High
  5. The EURUSD pulled back to form a new 4 Hour Higher Low

EURUSDH4 Setup Components

Here is the same image enlarged…

Capture

This is the EURUSD as it was just breaking out from the 4 Hour bearish trend line last week.

EURUSDH4 TRI

This is the EURUSD forming its first 4 Hour Higher High.

EURUSDH4Another important note, when the EURUSD broke from the 4 Hour Bearish Trend Line, there was a period of consolidation where the pair didn’t form a lower low and the 1.11500 level held as support. On the chart above you can see five candles with minimal price action ; this was a full day of consolidation.

Here is another example of this setup playing out on the USDJPY in the 5 Min view

 

FIB-61.8-TO-61.8-1024x519

Here is one more example of this setup in the 4 Hour view on the EURJPY from early March 2016.

EURJPYH4 SETUP

 

You can drag the images from this article to your computer to enlarge.

Much appreciation and gratitude to Wayne McDonell for teaching me how to track and trade these larger time frame setups. Very good stuff Wayne.

Kind Regards,

Tyler Lund

U.S. Dollar Analyst, FOREX.TODAY

3.29.16

2 thoughts on “EURUSD NEW YORK TRADE REVIEW”

  1. Charles Bidner says:

    Excellent post Tyler, well set out and explained. I was watching this from your earlier post on the set up. Very much appreciate your effort in putting these trade suggestions together and posting them for us all. Also very much looking forward to seeing your Strategies article you mentioned you were working on earlier. Many thanks.

  2. Tyler Lund says:

    Thanks Charles.
    I appreciate you posting a comment, it lets me know the readers are finding this of benefit. . I have the Strategy article in draft and will publish it most likely in the next week. This most recent setup on the EURUSD has had priority.
    I appreciate your enthusiasm,

    Regards,
    Tyler

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