This is a simple example of a trade using Morty's bundle.
I first identify a currency pair, using the FX MoneyMap charts, that has been active in the London session. What I like to see is price getting away from the line bundle in the 1 min. I call this reaching escape velocity. Eventually price will retrace back into the bundle and this is where the opportunity arises.
Having identified a pair that has escaped the bundle, I then look for a level on the FX MoneyMap Grid which is present in at least three time frames and also, at entry, has four column resistance or support.
For a long trade, I would look to buy at a level below the market with four column support and for a short, I would sell above the market at a level with four column resistance.
2 comments:
This is all extremely useful to someone learning the ropes, and also reassuring when considering taking the plunge with FXMM. I'm surprised there have not been many more comments on here. Please keep up the good work.
My question is, on this clip you talk about four-lane support at around 155, but I could not see anything on the 60-min. Was it just out of shot?
Hi Martin,
I was referring to the red columns. As price retraced back into the line cluster, four red columns formed under the figure. In dynamic fib trading that is significant support.
Similarly, some traders will trade to a four column level and then reverse the trade.
Regards
Morty
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