for past week I have had no luck day trading FX.
so day trading is off the table until more reg. days come back
however i will be swing trade for now.
EURUSD Sell (daily chart) Between 1.0975-1.0990 (ma 50)
I will Add 1 @ 1.1045 (MA 100)
I will also add if it reaches MA 200 1.1080+/-
Stop loss 50 pips above MA 200 ...
3 touches on daily support and getting rejected, give us a good opportunity to buy low sell at the high ( you need patients for trading off the daily chart)
on hourly chart a flag pattern has set again buy low sell high.
charts are extremely clear, hope this help
bought a share at this level
double bottom, a sweet spot
daily / weekly / monthly support
away from MA 20
7-9 days of selling off time to take profit
keeping stop and target to 20-25 vs 40-50 pips
As I mentioned yesterday I thought about the scenario that Flag pattern might break loos and price moves higher.
and it did do that.
the price moved up to MA 200 tried to break out but we had Daily resistance, MA 100, MA 200, Fib 0.382 in high of 1.96 and low of 1.97 zones and of course, the CPI news was just frosty on the cake.
Now, bulls are trying to push back...
besides what i said on the chart
i must add I have NO stop at the moment on this trade thats because this is my open trade
meaning I have trade2 and trade3 set Simple moving average 100 and 200
so while that is about 50-60 pips away I am willing to risk 100 pips for this trade,
to gain 200 pips.
now I can be a bit more relax about this trade because I have over...
While sellers are losing their strength,
and Over Sold stats
I bought at 1.8795
my stop is below current low
and my target is 1.8899
*However Note. I will close this trade if I see
Storm of sellers
the interesting part about this was that MA 50 had created a flag pattern with the help of this trend line.
any way I alerted my team 30 min ago at the time of break, therefore, we are 23 pips in profit at the moment.
My target is 1.3057
@ break even right now.
I try to shot out next time earlier than this.
USDCAD is working in a range of 1.3005 to 1.2975.
Now this is part of a flag that either didn't complete of this is just a fake break down of lower band
either way price break out side of this box (most likly to lower price) would be Ideal.
Again I am not trading until Monday.
wish u all good luck