This is a great example of where using the moving averages of higher time frames when Forex trading is useful.
This example shows on a four hour chart where I shorted the EUR AUD, and I placed my stop just above the weekly 55 EMA. The market went against me, but couldn’t go through the weekly 55 EMA, hence I clung on and then the market started to move in my favour.
I use 34, 55 and 200 EMAs on my charts. To get the EMAs from higher time frames, I downloaded an MT4 indicator from the membership website I am learning Forex trading from.