I know there’s plenty of people that love to analyze charts. Let me know what your thought have been for EURUSD….
I had some shorts ready planning for US jobs data to come in positive. But you could play either side of your upper trend line, wait for news to hit and jump in.
And I guess it depends on what time frame you’re trading. On the 1hr, price was getting close to resistance at 1.09.
I’m trying to get a better idea of how price moves around the day’s and week’s high and low, to see if I can spot any insights for future trades.
I trade almost solely on D1, but EUR/USD is such a poorly trending pair that I don’t often get into it in a trend-following position.
At this minute I do have a long position on EUR/USD, as a mean reversion trade from last night’s close, based on price then being near the bottom of the day’s range plus below the 50EMA. It’s in the money and if I’m still in profit at tonight’s close I will exit then.
Oh cool. Do you use price’s distance from the highs and lows of the day/week to enter too?
There are only simple rules -
Buy if the close is lower than the 50EMA and in the bottom 20% of the day’s range.
Exit at the first profitable close.
Put a SL at least 1% below entry.
Reverse set-up for a short.
It sounds too daft to be true but this makes money.
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I’ll keep this tip in mind. I’ll let you know if I can make/save some pips with ot. Thanks!