Hi guys.
I’m really a beginner, I’m still following the school of Pipsology (that’s amazing!! :47:).
Since I am a beginner, the only “major” I’m following is EUR / USD. I had this idea that I would like to submit to the experts, so with some right changes, it could be inserted in the trade of the week.
I can’t post any link because I’m new in here, so I’m trying to write my idea.
If you use EUR/USD chart, time frame 4H, you can see that from 7th June began a downtrend. Now the price is close to the strong resistance set around the zone of 1.4325. So I think EUR/USD won’t pass this resistance and is more likely to continue its downtrend :16:.
What do you think experts?
Thanks a lot :36:
I’m inclined to believe that, except the ECOFIN meeting is set to be held on Monday. Whatever conspires there would set the mood for this pair for the rest for the week based on my newbie-ish guess. You are correct about the 1.4300/50 are being a major resistance at this point.
A way to play this would be to just pick a direction and hope the likely strong move after take you into the right direction. if not, I hope you had a fairly tight stoploss to exit the trade. Not too tight though, you need to give space for the trade to run around during the meeting (I think, take it with a grain of salt)
Or…you could wait for the big move to complete, let it retrace some then jump in.
At first I just wanted to sell, with 1.4360 SL… but maybe you’re right, I’ll wait monday afternoon to decide 
thanks a lot, I appreciate your advice.
You’ll have to wait until Monday most likely anyway. Most retail platforms are shut down right now.
OANDA’s not, but weekend spreads are ridiculous. Doesn’t stop you from placing limit orders though 