💡Ross Mullins, Head of Trading at Market Traders Daily, delivered another critical winning trade on the USDCHF pair to his YouTube audience and Trade Room followers. He has lately dedicated hours and hours of analysis to highlight how relevant is the US Dollar Index (DXY) price action for retail and institutional traders.
💡On May 30th, the US dollar pushed higher to find itself challenging ‘historical resistance’ at 98.17 (previous double-top at 98.04/98.23) which opened all doors for Mullins and members to sell USDCHF into resistance at 1.0081 level. All in all, with only 14 pips of risk, this trade closed on Friday +70 pips in the money.
📄Ross Mullins | Trading Guidelines
📌Historical levels tend to repeat as markets have memory. The smart money always leaves the necessary evidence for us to see where key decisions were taken. It is wise to follow their footsteps and avoid challenging the trend unless you measure your risk in the counter trade.
📌Low Risk/High Reward opportunities are the name of the game. In every single trade, it is imperative and your responsibility to measure your position size and evaluate your risk tolerance.
📌You make money in financial markets when you buy low, then sell high and when you sell high and buy low. If you buy any asset class at the all-time high your upside reward is capped. On the other hand, if you sell at the lowest low, then the odds are not in your favor.
If taking home winning trades with only 14 pips of risk sounds profitable to you, then go ahead and subscribe to receive in your inbox his daily analysis:
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