HOW I GOT TO THIS 720PIP TRADE!!AND THE LAST 155 PIPS ON EURUSD!
Hello traders in this article i will try to explain what is a GOOD trade and how i am trading EURUSD!
I shared this trade with some of my very good customers and friends and i am happy they listened.
The trade which i am long time now,on EURUSD since we break the 61.8% Fibonacci retracement level with a gap up of the impulsive downward move of the 2016-11-09 and we didn't look back until then.
Personally in order to get to a trade with longterm view (I rarely trading anything at 60Minutes Timeframe,basically i watch weekly,daily and 4H for entries.) i need to have fundamentals at the same direction to get involved to the trade and then i am watching and analyzing charts.
TRADING THE EURUSD
Having the previlege to live in Europe(Greece) and work at the economic sector analyzing the markets we have notice that the easing policy(and numerous quantitive easing policy forms) of the ECB did not had a lot of space to continue as it was hurting the interest rates so as the banks that means it was hurting the Euro,plus european commerce and businesses and generally economical stability in Europe.
It was not a secret that Mario Draghi could not say it out loud in order not to have any effect on the easing policy,but he and his colleagues were waiting some better numnbers such as GDP and inflation to start decreasing the quantitive easing policy and buying less and less debt.
On the other side US economy seemed to slow down after a serious rally and Dollar Index making lower highs and lower lows.
This is in summary were the fundamentals behind this trade.
TECHNICALS KEY POINTS
My view based on fundamentals and on technicals observations was that we would propably see 1:1 EURUSD and we reached pretty close at 2017-01-03 hitting 1,3402.
1.My attention was distracted by the gap up we had at 2017-04-24 because as you can see at the chart it broke the 61.8% Fibonacci retracement of the impusilve downward move started at 2016-11-09 plus it broke the consolidation area that i highlighted with the blue rectangle which you can see if you zoom out.
2.My entry was triggered though at 2017-05-15 because after we broke the consolidation area we came back at it,tested it and then after the bullish engulfing candle on 2017-05-12 we opened the week with another bullish candle above conversion line of the Ichimoku clouds.
3.We can see that we have blue base line of the ichimoku clouds indicator coincide with the 200EMA,back then we had only base line,previous structure,61,8% Fibonacci retracement and cloud confirming the resistance level of course.
4.We can also noticed the RSI indicator touching vigorously the oversold levels giving breath to a new rally.
5.At the day of the gap up signaling by French elections result we had also the bullish cross of the conversion line(pink) with the base line(blue).
6.We can see that a tight stop loss under the 50% Fibonacci retracement,base line and previous price structure remained untouched and we remained into the trade.
7.With continuesly trailing the stop loss under the DAILY FLAT base line levels i never got out from this trade.
8.Since my entry we had only healthy pull backs until 23.6%,38.2% and once 50% Fibonacci retracement but we did not crossed the daily base line so they were only chances to scale in and not to exit the trade.
YESTERDAY'S 155 PIPS TRADE
Yesterday's successful trade was triggered again by both fundamentals and technicals points.
1.Fundamentally i knew that Mario Draghi will stay towards the same direction of shortening the balance sheet.
2.I also observed how the markets reacted to this the previous time he announced those next steps of ECB.
3.He stated that he will go into further details at his next speeches.
So fundamentally i had my set-up ready.
1.Technically we had the 1.618% Fib extension respected during all this rally of EURUSD.
2.We had 2 equally measured moves and need one more to complete 3 drives pattern.
3.Ichimoku and Fibonacci confluence.
I shared this trade with some of my very good customers and friends and i am happy they listened.
The trade which i am long time now,on EURUSD since we break the 61.8% Fibonacci retracement level with a gap up of the impulsive downward move of the 2016-11-09 and we didn't look back until then.
Personally in order to get to a trade with longterm view (I rarely trading anything at 60Minutes Timeframe,basically i watch weekly,daily and 4H for entries.) i need to have fundamentals at the same direction to get involved to the trade and then i am watching and analyzing charts.
TRADING THE EURUSD
Having the previlege to live in Europe(Greece) and work at the economic sector analyzing the markets we have notice that the easing policy(and numerous quantitive easing policy forms) of the ECB did not had a lot of space to continue as it was hurting the interest rates so as the banks that means it was hurting the Euro,plus european commerce and businesses and generally economical stability in Europe.
It was not a secret that Mario Draghi could not say it out loud in order not to have any effect on the easing policy,but he and his colleagues were waiting some better numnbers such as GDP and inflation to start decreasing the quantitive easing policy and buying less and less debt.
On the other side US economy seemed to slow down after a serious rally and Dollar Index making lower highs and lower lows.
This is in summary were the fundamentals behind this trade.
TECHNICALS KEY POINTS
My view based on fundamentals and on technicals observations was that we would propably see 1:1 EURUSD and we reached pretty close at 2017-01-03 hitting 1,3402.
1.My attention was distracted by the gap up we had at 2017-04-24 because as you can see at the chart it broke the 61.8% Fibonacci retracement of the impusilve downward move started at 2016-11-09 plus it broke the consolidation area that i highlighted with the blue rectangle which you can see if you zoom out.
2.My entry was triggered though at 2017-05-15 because after we broke the consolidation area we came back at it,tested it and then after the bullish engulfing candle on 2017-05-12 we opened the week with another bullish candle above conversion line of the Ichimoku clouds.
3.We can see that we have blue base line of the ichimoku clouds indicator coincide with the 200EMA,back then we had only base line,previous structure,61,8% Fibonacci retracement and cloud confirming the resistance level of course.
4.We can also noticed the RSI indicator touching vigorously the oversold levels giving breath to a new rally.
5.At the day of the gap up signaling by French elections result we had also the bullish cross of the conversion line(pink) with the base line(blue).
6.We can see that a tight stop loss under the 50% Fibonacci retracement,base line and previous price structure remained untouched and we remained into the trade.
7.With continuesly trailing the stop loss under the DAILY FLAT base line levels i never got out from this trade.
8.Since my entry we had only healthy pull backs until 23.6%,38.2% and once 50% Fibonacci retracement but we did not crossed the daily base line so they were only chances to scale in and not to exit the trade.
YESTERDAY'S 155 PIPS TRADE
Yesterday's successful trade was triggered again by both fundamentals and technicals points.
1.Fundamentally i knew that Mario Draghi will stay towards the same direction of shortening the balance sheet.
2.I also observed how the markets reacted to this the previous time he announced those next steps of ECB.
3.He stated that he will go into further details at his next speeches.
So fundamentally i had my set-up ready.
1.Technically we had the 1.618% Fib extension respected during all this rally of EURUSD.
2.We had 2 equally measured moves and need one more to complete 3 drives pattern.
3.Ichimoku and Fibonacci confluence.
Comment:
As far as the last I have posted my set-up at an article of a very good trader and mentor Akil Stokes (article:
) and that was my set-up tvc-invdn-com.akamai...bb1a20298c2099b2.png
