Buy above 0.9741. Stop loss at 0.9704. Take profit at 0.9809. Reason for the trading strategy (technically): Price is testing major support at 0.9741 (Fibonacci extension, Fibonacci retracement, bullish divergence) and we expect a nice bounce above this level to push price up to at least 0.9809 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension). Stochastic (34,3,1) is seeing strong support above 11% and also sees bullish divergence vs price, signalling that a bounce is impending.
i like you analysis. I recently followed you for trade setups, if your last 4 setups that you posted today goes according to plan I will learn and follow from your analysis. Can you just specify whether you are indicating a market execution or pending order, sometimes that gets confusing in the analysis. Thank You!
Second how are you accommodating fundamental analysis, critical news? do you suggest to pull out of the trade before and enter a bit after these news updates?
MEX_Exchange
⋅
@Berenguer, Well I usually recommend scaling into positions. So most ideal entry is at 'sell/buy entry' line. But if we're a little lower, we can still scale in so we don't miss out on the trade completely. Most of the time price usually reaches our entry level as those are key inflexion points :)
We have long term fundamental views (eg. USD rate hike in December) and it is good when that view lines up with our view technically. But ultimately our focus is largely on technicals with just one eye on fundamentals. We do watch out for large news events too like NFP and rate decisions. We try our best to help traders be profitable and to learn too :)
Second how are you accommodating fundamental analysis, critical news? do you suggest to pull out of the trade before and enter a bit after these news updates?