EUR / USD - resistance @1.172 - SHORT
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We're at a major level of resistance for the Euro against the USD, it took two weeks to break this level on the way down and despite some good numbers coming out the EU, Flash CPI, we didn't rocket up to @1.185 as expected, maybe Italy, Euro zone debt and the strength of the USD is causing uncertainty, but we have some big numbers coming out of the US very shortly. Are we going lower?
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Nota
Initial target @1.15 and maybe let some run to new lows down @1.13, which we keep doing, see the link below for my long-term view on this decade-long bear.Stops @1.18
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This is a high risk trade when reviewing the DXY, we've had a major sell of after reaching the highs 95, hence why USD pairs are selling off, will that stop?Nota
Nice to see I'm not completely crazy taking this trade, did you join me on the pullback? We need to break yesterdays close now @1.166Nota
Weighted average looking interesting, rising USD (Red) and overall falling Euro (blue), versus all currencies, this is what we need to see for this pair (And my Aud / Usd trade to reverse).Nota
Would you buy that on the daily?Nota
On 4h we have an indecision candle, a DOJI! We're in a downtrend and despite the bulls having a damn good go to push it higher, we're still at the opening price by the end of the session, well nearly. I'm still bearish, in line with the trend, but the next candle is very important to define the next move, since we're at resistance area near 1.17, this is a great place to go short.Nota
When we get a Doji on a larger time frame, drop down to see what's going on to 15m. Look at the support off the moving average, a nice bullish move, but if we break down below that @1.64, bounce and retest and fail to move higher, nice place for a short entry, with stops above 1.172.Nota
Bull market today, we're going much higher after the EU PMI's came out as expected.Nota
We're nice and bearish on this pair still, despite the Euro strength, the US$ is building, we need to see it break above 1.0, long-term, it's not an intraday tradeNota
Look at the Blue line dropping faster than other currencies, but the USD isn't building fast enough, hence the slow reaction in the trade, but a good sign.Nota
Today will be one of those days when trades are trying to find their levels, break levels and support new trends, you can see this in the aggressive moves happening very quickly. It's incredibly important you stay patient for an entry, don't enter to just be in the market and if you've got a trade on a long-term, swing trade, be prepared to see larger sideways movements and therefore don't sit and watch them, don't enter with anything less than a 15m timeframe and preferable a 1h.
The Euro is strongish, but the US$ is very weak, forcing this pear to be bullish, but with resistance, @1.174 and a bullish head and shoulders pattern formed.
Nota
If you're making lots of trades per day and risking more than a few % of your trading account on each trade, and trading lots of the same pairs all the time, your not trading, your gambling and badly. That maximum I ever trade is 5% of my entire trading account and that's to the top of my stop loss and that's only if the set-up is a 5 star, I may do that once a week if I'm lucky, it's normally closer to 1-3% Don't trade to just be in the market in the hope of catching a move down or up, against this is gambling and not trading. Set your position size based on where the stops are relative to the previous structure.
If you're a total beginner trading with real money just following other traders, firstly you are crazy, secondly, I wouldn't trade more than 0.25% in that instance, if I was happy just following others, always do your own analysis and within your own trading plan / account management.
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All trades on this pair are now below..... very interesting for the rest of the year!
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