We work hard to offer you valuable information about all of the brokers that we review. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Currency trading on margin involves high risk, and is not suitable for all investors. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. Ready to trade our daily Forex signals? Here’s a list of the best Forex trading platforms worth checking out. There is nothing of high importance due today concerning the EUR. Regarding the USD, there will be a release of Preliminary GDP and Unemployment Claims data at 1:30pm London time. There could be smaller opportunities to scalp reversals at other, closer, support and resistance levels, but such trades should be entered with smaller positions and monitored carefully on a short time frame. However, there are some support and resistance levels within this area.Īs the price looks likely to remain within this consolidation range, the best strategy will probably be to trade reversals from any price extremes which are reached, especially the levels at $1.0626 and $1.0796, although these are unlikely to be hit today. The price chart below shows the price is basically chopping around between $1.0625 and $1.0800. The technical picture has changed over the last week or so, from clearly bearish with a strong Dollar and a weak Euro – both backed by fundamentals and sentiment – to a choppier picture. This was a great call, as I was not only correct about this trade but also that it was best taken as a scalp, as the overall profit was not very large. In my previous analysis of the EUR/USD currency pair, I said that the price would probably reach the support level at $1.0707 today, but would probably not get established below $1.0690, so scalpers may have an opportunity in that price area on the long side. You can exploit these levels or zones by watching the price action that occurs at the given levels. The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.Place the stop loss 1 pip below the local swing low.Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of the zone between $1.0704 and $1.0697, or $1.0626.Remove 50% of the position as profit when the price reaches 50 pips in profit and leave the remainder of the position to ride.Move the stop loss to break even once the trade is 20 pips in profit.Place the stop loss 1 pip above the local swing high.Go short following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0736 or $1.0796.Trades may only be taken prior to 5pm London time today. My previous EUR/USD signal on 25 th May produced a profitable long trade from the bullish bounce at the support level which I had identified at $1.0707.
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