The euro recorded another winning session against the dollar on Thursday. The single currency met the positive expectations and as a result broke the resistance at 1.1214. Short-term indicators remain in favor of the euro. So the couple likely will test the second key level at 1.1271. Trade on Thursday launched at 1.1118 and bullish sentiment prevailed throughout. The top of the day was reached at 1.1244 shortly before the end of the session. Finish line was marked with only 4 pips below.
As I have posted on August 20. the second-time-around on the daily chart was an excellent entry and so far approx. 170 pips plus.
The weekly chart currently shows the same type of entry, as I have outlined in my last posting (with exact pricing to enter a trade) This entry-price is also a major buy-stop entry on the monthly chart, as well as on the Q-chart, to trade to near the GAP at 1.2000.
Keep in mind, a good trade can last 5 to 10 bars
I also described the current congestion on the weekly chart, and that we do not trade bars 11 through 16. Nr. 17 is the first bar we trade in any congestion in any time-frame. Last week was Nr. 17 on the weekly chart.
One should never enter a trade without a SL attached to it. The TP should remain at the assumed exit (in this case near the GAP), and the trade should be managed by moving the SL in sections. Often this is a much better way to achieve big profits.
If anyone is interested, I can explain with a picture as to how SL management in sections works.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.