On this beautiful weekly time frame I have drawn the next resistance levels for eurusd and while at it also threw in the support levels. You can see that its also breaking out of a resistance currently. Next one wont be seen until 1.21 which is actually support level from the last bull trend, the next real resistance is at around 1.27 and has been tested a few times. Some people might also see the small pike at 1.17 as a resistance.
Now how to use this information.
Well you can buy it and hold for the long term and I have patience. But I assume most people trade the lower time frames and hold their position short term. So with a bullish setup like this on the weekly (and also on the daily) you wanna look at the lower time frames for similar setups to buy, since selling it would be counter trend and could get you hurt.
So hunting those lower time frames for buy entries and booking profit when it hits the next resistance there will be a very very profitable trading strategy the next months.
Feel free to leave any questions in the comments.
Now how to use this information.
Well you can buy it and hold for the long term and I have patience. But I assume most people trade the lower time frames and hold their position short term. So with a bullish setup like this on the weekly (and also on the daily) you wanna look at the lower time frames for similar setups to buy, since selling it would be counter trend and could get you hurt.
So hunting those lower time frames for buy entries and booking profit when it hits the next resistance there will be a very very profitable trading strategy the next months.
Feel free to leave any questions in the comments.
Trade active
Trade closed: target reached:
first target reached. looking for new entry on the dip next week
Trade closed: target reached