EUR/USD Beginner Level trading

Good Morning Guys

I start by marking out the Asian session for today.

I draw green horizontal lines to mark the highest & lowest price of the Asian session on a 1 hr chart

Today some important PPI data is being released by 8 30 AM so i notice a lot of indecision in the market

Doji candlesticks usually signal indecision and i suspect it is due to the incoming Untied States PPI data

Read more about Doji candlestick patterns here https://www.mytradingland.com/uni/candlestick-patterns/

Market is too slow for my liking i will be back by 8:30 AM today when the PPI data is released by the US Bureau of Labor Statistics.

Hopefully the market will see more volatility when the PPI data is released

Its 8 30 and PPI data is about to be released

The forecast is that PPI will fall from 2.2 to 2.0% and if this happens the EUR/USD exchange rate will rise because the USD will weaken

I see a big bullish candle signifying rising price so i enter a BUY Trade

I exit the trade with a 410 profit because i realize the PPI data has not yet been released

u think i got the timing wrong. PPI data will be released 8 30 AM American time bit by 1:30 PM Nigerian time so i will wait

Big news today is ECB rate decision.

I just spotted an Evening Star Candlestick Pattern

The evening star pattern when seen in a downtrend such as this one signifies an incoming upward trend

After spotting the Evening Star candlestick pattern i take a long position fortified with Stop Loss (SL) and Take Profit (TP)

Success!!

My Take Profit has been hit and i exit with $25 profit.

I dont want to ride the trend because markets will be volatile today as the European Central Bank interest rate decision will be made today

ECB Meeting today

Good Morning Guys,

it was a rollercoaster ride yesterday after the ECB cut interest rates and as you can see from the charts there was a rally.

There was also a lot of high volatility yesterday making it risky to trade if you dint have lot os capital

Today as usual i expect calmer markets

I look at the EUR/USD chart and mark the Asian session high & low price with two green lines

I switch to the 5 minute chart so i can pick a point to enter the market

Price has broken the resistance line so i place a BUY Order

The market is obviously in an upward trend

My Take Profit has been hit although i set it very low because i suspect the trend maybe dying out

The upward trend has paused a bit so i invoke the FIBONACCI RETRACEMENT indicator to find out why

The golden fibonacci levels are not being tested

From Dow's Theory, the market is now in a DISTRIBUTION PHASE which is a prelude to a downward trend

SO I EXPECT A SERIOUS DOWN TREND TO START SOON

THE DISTRIBUTION PHASE IS USUALLY LIKE A SIDEWAYS MOVEMENT WHICH IS WHAT WE ARE WITNESSING NOW

DOWNWARD TREND HAS STARTED

The market is now posting lower lows and lower highs

I PLACE A SELL ORDER

I PLACE MY STOP LOSS AT THE 38.2 FIBONACCI LEVEL BECAUSE MOST REVERSALS IN A TREND HAPPEN THERE