EURUSD Day Trades – January 28

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EURUSD Day Trades – January 28

Only one trade fulfilled my trade requirements during the late London and early US session, yet the trade is worth discussing since it encompasses many of the concepts I have discussed in other articles.

For about an hour before the US session began the EURUSD was moving predominantly sideways. Not price action I am interested in; I much prefer when the market has a directional bias.

As the US session begins there is a spike in the EURUSD on a US news release, which starts a potential trend. Trend trades are primarily what I look for and will be focus of this article. There are also ways to trade news releases, which could have been implemented following the release (See: Trading the News).

Figure 1. EURUSD 1-Minute Chart

This charts shows a lot of information, so let’s work from left to right. Based on the envelope strategy (See Forex Day Trades-October 7 and subsequent posts) we are waiting for a pullback to the lower band, but must also watch price action to validate the signal.

Just before the lower band is touched for the first time (after the run up), the price made a lower high and is a making a lower-low as it reaches the lower band. This indicates a deeper pullback is underway (or a potential reversal if it takes out prior support–horizontal black lines). Therefore, we don’t have an order waiting to go long at the lower band. We either avoid this trade, or only buy it when it begins to move back higher. One way to enter this trade is to go long when the price moves back above the lower band.

In this case it would have worked out, especially since the deeper pullback held above prior support levels marked by the horizontal black lines.

The price then proceeds to make a new high and pulls back to the lower band. In this case, we do have an order waiting at the lower band (red up arrow). We have an order waiting because we can now see this is likely just a consolidation in an overall uptrend (See: Should I Hold Through a Pullback Part 1 and Part 2). Since the price tried to drop but couldn’t, then rallied to a new high (albeit only slightly) it is now quite likely that this pullback is just a brief reprieve before continuing to trend.

Entry points won’t always be this perfect, as the price barely moves past the lower band and then springs higher. A Fibonacci extension tool is used to approximate exits, although I always prefer to actually rely on price action for my exit points.

If using Fibonacci levels, the most applicable level is 100. A small red check mark indicates this exit point; a 10.5 pip profit for a 3.5 pip original risk which could have been quickly reduced to less than 1 pip. Moving to the right there is another check mark. If using a manually exit, this is where you’d be looking to get out. The price tried to move higher, but barely could and then we see a bearish engulfing pattern (ie. short-term shift in momentum).

Paying attention to price action and being patient can pay off. Sometimes there are lots of trades in a few hour span, and other times there aren’t many. Don’t change your strategy every day just to try to get in as many trades as you can, focus on what you know. Better to make a profitable trade or two on something you know than to start experimenting and end up losing on a bunch.

EURUSD Day Trades – January 28

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EURUSD Forex Chart

Ideas

You will learn the best place where we can trade EURUSD at low risk. Write in the comments all your questions and instruments analysis of which you want to see. Friends push the like button if you like the idea – that would be the best THANK YOU. Thank you for your support, I Love it.

Two scripts: Breakout from level 1.09 Breakdown of level 1.78 what do you think? Friends, thanks for your likes and comments! Good luck with trading!

Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.

Please support this idea with LIKE if you find it useful. Price still inside of the Falling Wedge, but breakout of horizontal support zone will be a total invalidation for the pattern. Plus overall we have a Descending Channel which can be confirmed by the the breakout of horizontal resistance, then down we go. What if we have an alternative scenario where.

Hi friends, here my daily analytics for EUR/USD price. Reasons: – Price trades in Falling Wedge – Price near support level 1.0780 – Price can make movement upward after exit from wedge – To open long only after breakout of wedge or other confirmation – Always do your own research before opening positions and always put SL If you have your own opinion or thoughts.

Hello people. Just before Monday want to show you what I think can happen during next week on EUR / USD. I recommend to see what will happen on Monday. Wait in buy zone for more confidence in rebound. The Wedge on chart is thin, so maybe the breakout will be low. 1.075 is good support so we can use it as key level. Write me if you following my updates: —.

hey guys, on EURUSD chart we see a perfect example of how a trader can variate a risk: we have three perfect entry levels for long trade: 1.08 level – current structure (previous low) 1.07 level – current structure low 1.06 level – support of the major channel 1.06 level gives the safest long entry with a very tight stop.

EURUSD is bearish and it is below the key resistances and moving averages on all the important TFs. So, I would advise you not to buy EURUSD. I have been selling EURUSD when the price was at 1.11(Check out the ideas at the bottom). However, the drop is not over yet. In my opinion, EURUSD will eventually drop to the previous low at 1.0640 and possibly even.

Close the candle on the red: BUY Green : take profit

Hi there. Price is forming a continuation pattern to the upside. Watch strong price action at the current price for buy.

Traders, EURUSD like DXY has been fooling traders. It has been creating indecision. However if you look under the bonnet, you will see that it has been hiding opportunities. Support and motivate me by hitting the like button, subscribing to my channel and sharing this analysis with other traders. Comment below and let me know what you think of this analysis and.

6 Total Trades Tested: 4 Winners & 2 Losers: 6R Total Gain

WE can wait for a break of the descending channel and upward and start buying, Or we wait and see if the waiting wedge on Daily TF can continue falling

EURUSD seems to follow a unique pattern, which could be challenging in the new week. on the chart, is my approach towards forecasting next market movement. my analysis is based on: 1.Elliot wave theory (kind of unorthodox), 2.support & resistance and 3.history repeating itself. Study my wave labeling to see these listed approach. NOTE: This analysis could become.

Please support this idea with LIKE if you find it useful. MONTHLY Overall structure is OLHC. Price is currently trying to find a strong support . There is a bullish divergence on candles and TDI from the 2nd September 2020 to 1 April 2020. Price is strong bearish currently .. we waiting for buyers to dominate and gain full control . Wait on extra.

��HELLO-HELLO, my dears. ������ ������Perhaps many traders haven’t seen my previous charts on the euro / dollar. A very good analysis turned out, so I duplicate it for you!�� ��The price is in the ascending channel. Nothing unforeseen yet. Smooth growth is expected to a resistance level of 1, 086. (blue colour��) ��Stay with me! Have a great and productive.

As from my previous analysis on last week, EURUSD was followed my expectation did a massive push to the downside till the daily support, in next week, I expect the price will push to the upside from the daily support From the COT perspective, hedge fund is bullish on both EUR and USD, however, EUR is likely stronger than USD, a push to the upside on next week is.

Technicals

Profile

EUR USD (Euro / US Dollar)

The most traded currency pairs in the world are called “the Majors” and the EURUSD leads this group as the most traded pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.

EURUSD Day Trades – January 2

It was a few hours into the London session before a strong trend began. That is way I prefer not to range trade in the EURUSD. There is a high likelihood that the range won’t last very long, and what many traders view as ranges are just consolidations in a longer-term term trend (not always, but normally).

Over the next couple hours, moving toward the US session, there were some excellent rhythmic trending moves. These are moves which are great for day trading using a trend following strategy.

Figure 1. EURUSD 1-Minute Chart

Strong moves to the downside, and weaker pullbacks indicate being short or buying puts is the only way to trade during this couple hours. Using a fusion of the envelope trend following strategy and the mini-channel breakout strategy worked well to isolate entry points, since early in the day we had already seen the price was showing a tendency to over-run the 0.012% envelopes (often 0.01% is used on the 1 minute chart as well, just depends on how the price is acting early in the London session).

Using a fixed target of 6 or 7 pips, which is a 2:1 reward-to-risk ratio if using a 3 or 3.5 pip stop, would have resulted in 3 winning trades, with potential for much larger profits if using a Fibonacci extension target.

As the US session begins, using the same strategy (fusion of strategies), there was one losing trade. I used a 3.5 pip stop and the stop would have been hit on a move higher.

There was the possibility to get out early on a strong reversal bar higher (see: How to Read the EURUSD, for ways to manage trades), but given the overall downtrend the trade still had a good chance of working out, so I opted to give it room instead of exiting early. Traders need to get over the fear of losing and trading anxiety.

After this though there are no other trending opportunities (at least for the next couple hours), as the price moves back and forth within a choppy range, no longer respecting our entry criteria. Although, this range was quit wide, so it was possible to make a few trades within it, I just opted not to since I prefer trading strong trends and not small ones within ranges.

Figure 2. EURUSD 1-Minute Chart

After the losing trade the price makes a short-term high, on an aggressive move. It isn’t strong enough to reach where we took the prior short though (can see arrow in upper left corner), so going long isn’t a high probability play yet, and when the price falls it can’t move much below the prior low. Therefore, a couple rectangles are drawn to show the price is potentially starting to move in a range (at that point we don’t know, but it is worth marking on the chart). The price continues to respect these areas for the next couple hours. I call these Important Support and Resistance areas, and they are far more useful for trading purposes than what most traders consider to be support or resistance levels. See Defining and Trading Around Important Support and Resistance for why I don’t place trades near these levels, and also get a couple trade ideas for when the price bounces off these levels.

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