Traders how are you all doing? I hope grabbing some pips as I have this week. I am doing quite well except I had to rewrite this blog post because I accidentally hit the cancel button. I was working on it for an hour and it was quite good. I wanted to cry.
Anyhow get up, dust myself off and start moving again, if that is the worst thing that happens to me tonight I am a blessed man.
Traders this blog is for you and I want to hear what you have to say. Send me your best trade idea and setup and I am going to publish my favorite one right here on the trade of the day section. Any pair you want. Just comment here, contact me via twitter, or send me an email.
I would like it for any of my readers that wants to follow me on Twitter go ahead and do that now so we can share trade ideas during the trading sessions. I trade the New York Session but sometimes you can catch me in the early hours at the start of the London session.
I like hearing the view points from my readers because I am always trying to learn and get better at what I do.
Now lets talk trading…
This week the Euro had some great gains after trading in a tight trading range. Now the pair is in a consolidation period so what will happen next? Will it go up to the target price of 1.4700 or will the pair retrace to test a recent support level.
Before we get into that it is important to stay up on the fundamental data for tomorrow’s trading. So we better go visit Yohay at Forex Crunch for the daily outlook. He always give us great information so we know what is going on and we will not be caught off guard.
Now that we have the fundamental data lets go to the charts.
We have the most recent resistance level at 1.4611 and then after that the target of 1.4700. On the support side we have the most recent support at 1.4508 and after that 1.4450. We also have a diagonal trend wall that I drew on a 60 minute chart.
10 min Chart. *note click on the chart to learn about our trading system
Watch the pair to bounce off of the trend wall and move up through the resistance to go the the target of 1.4700 the pair has been moving fast so the momentum could push us right through in the London session. Or we could stay in this range for awhile. Only time will tell.
Enter long on a bounce of support or a break of resistance. That is all there is to it. Make sure you practice money management. Stick to your profit targets and you should be trading like a pro.
Any feedback is welcome for this trade analysis or for the trade setup I am looking to post this weekend.
Winner’s Edge Trading, as seen on: