Currency Trading Strategies [200 USD to SGD]:
Good Morning Traders
Today, we are going to talk about currency trading strategies which are also related to the USD/SGD pair. This pair has now completed the technical triangle formation by meeting the technical requirements. What is the technical requirement for a valid triangle? The answer is that both the upper and lower trend lines have three perfect touches, which as a result forms a perfect triangle. In the short term, while USD/SGD hold this price at 1.3520, there is an opportunity for the USD to rally towards 1.4054 and so this is where the triangle gets created and the 200 USD to SGD becomes the perfect trade.
How do we trade at Platinum:
Its called the three 10’s:
Each angle of trading should be given a score in trading:
A) Technical Requirement to take a trade it should be given 10/10
B) Logical Reasoning to take a trade it should be given 10/10
C) Fundamental Reasoning to take a trade it should be given 10/10
If all these match up, hence it is the perfect Trade and that is how we did the 200 USD to SGD trade.
Currency Trading Strategies Conclusion:
Long USD/SGD@1.3520 with 50 fx Pips stop loss because this is a cross pair.( At Platinum Trading Systems we never use stop’s more than 35 Pips unless we are trading a cross pair) The target on this pair will be 1.4054 which is, furthermore, a total of 534 Pips. So, we will update the chart if the trade gets activated.
Wish you all the best
Platinum Trading Team
Get latest Forex and Cryptocurrency market reports and views, trading videos and forecasts of trading opportunities delivered straight to your Inbox.
The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.