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Here’s a great visual demonstration of some of the trade setups I used to make money this week on the EUR/USD. Check it out!
Yep, I got in to the pip of where I have drawn the resistance line that I’ve included in my fundamental and technical analysis posts. Due to the fact that the EUR/USD is still bullish, I am monitoring this trade closely because it goes against the current trend. Since we are at the end of the day in New York, I expect there to be some profit taking and easing away from the line since this was an important area of resistance, but I don’t expect major profits from this trade. Once it reaches 30 to 40 pips (1.3740/30) I will begin to think about closing it out. That is if we don’t bounce back off of the red MA Continue reading–>Sell EUR/USD at 1.3776 Although I’m not bothering with a graphic, I thought I would share that I jumped into a sell position after a steep rally that almost reached the weekly R1 (within 4 pips) and had price action quite over-bought at the 1.3730′s. I got in right at the open of the 12:00 p.m. (EST) candle and have been in profit basically the entire time as price action fell around 18 pips shortly after my entry. Still I am cautious with this trade as I am still slightly bullish on this pair now as I have been since last week. But I couldn’t resist a over-bought bounce off weekly R1 setup, so we’ll see what I get. I’ve been slacking off on posting my trades as they happen, and I just recently placed this order, so here you go. I have been watching for price action to approach my major trendline because I knew it would be an area of strong resistance if reached during the New York session. Price action did reach that level, and I managed to get in to the pip of the rally before resistance kicked in and prices fell. As it stands I am leaving the door open for my T/P, although I am also not moving my S/L until things definitively head south. I am comfortable with the 1.3640 S/L because it is above three forms of resistance: envelopes, the trendline, Continue reading–>Sell EUR/USD at 1.3621 Real quick I want to provide visitors with a visual of the two great trades that my indicators provided me with yesterday. Not included in this image, but apparent to those who follow along with my analysis, is the bounce off of the major support line that I have at 1.3463. Although I was cashing out on that dip below the line, you could have waited until the 1 hr candle closed and then entered into a long position based on seeing that price action was unable to close on the other side of the support line and the long tail that was created as a result. I also show my use of fib. lines which I mention in my Continue reading–>My Trades for March 1st With extremely indecisive market conditions during all the major sessions on Monday, the bulls took charge of the EUR/USD during Tuesday’s Asian and early European market hours. I patiently waited this one out all day Monday and into Tuesday’s Asian and European sessions until the release of the the German Business Confidence Survey which I said to look out for in Sunday’s post. German business confidence unexpectedly fell for the first time in 11 months to 95.2 from 95.8 in January and was all the fuel that bears needed to start a massive sell off that lasted for 3 hours straight and dipped over 100 pips lower before finding some support. Many are blaming the coldest winter in 14 years Continue reading–>Sell EUR/USD at 1.3667 The week began slowly and then got downright scary as my initial analysis of a continuation of the main downtrend was proven wrong as price action bridged the gap provided by my slower MA’s and reached the weekly R1 before stalling. That brought me several losses on the way up as several of my attempts to sell the upward movements got stopped out real quick. I patiently waited for the R1 to be reached and jumped back in, and was then taken back into profits as price action dropped back down below it’s week opening levels. I was certain that this huge surge in downward momentum would bring us to the weekly S1, but didn’t weather the extreme volatility that Continue reading–>My Trades for Feb. 14-19 With investors taking huge chunks of profit off the table from long term positions that were being held since mid January, and a lull in volume because of the week-long Chinese holiday celebration, investors jumped aboard the ‘return to 1.3800 ‘ prediction during yesterday’s New York session. For whatever reason, many analysts are claiming that the situation with Greece and other euro zone countries is not as bad as some have claimed and that the previous downtrend was a bit of an overreaction. I completely disagree though, because without any concrete details being ironed out yet, and another 30 day wait and see period for Greece to do the impossible and just fix itself, this euro is in no way Continue reading–>Mid Week Wrap Up for February 17 |
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