EUR/USD Beginner Level trading

Market Snapshot for today

Chart 1:

I spot a rounded bottom chart pattern which usually signals a trend reversal. In this case it signals a trend reversal from bearish to bullish. So i enter a buy trade

Chart 2:

I manage risk by setting Stop Loss (SL) & Take Profit (TP)

Chart 3:

I notice more upward price movement

Chart 4:

I adjust & move my SL upwards to secure some profit

I move Stop Loss Upward and secure profits as shown

I keep adjusting SL to secure profit

Stop Loss has been hit but i exit with profit

Good Morning All

EUR/USD has been in an uptrend for some minutes now

Then the uptrend begins to do this. Personally when i see this i don't like trading because its a sideways movement and no real profit can come out of this

According to Dows Theory the up trend is in a distribution or Excess phase and may be dying out lets wait and see https://www.mytradingland.com/uni/dow-theory/

See diagram for excess phase in Dows Theory

I overlay the Fibonacci Retracement Indicator

I can see that price keeps bouncing off the 38.2 level which is the golden Fibonacci number

If price falls past the 38.2 level it may be a good time to sell but generally i expect price to resume an upward trend

Price has broken through the 38.2 Fibonacci Line which was acting as support so i expect further downward movement and i SELL

Good Morning Guys

To help me analyze the market today i use the Relative Strength Index (RSI) Indicator on a 5 Minute Chart

Notice that price keeps bouncing and staying above the 30.0 point RSI Line

I use this as a reference to draw a support line on the main chart

Price keeps floating above this support line.

In fact the only time price went below the line. it quickly corrected and went back above it

Price has fallen past the support line so i take this as a sign to short the market

Good Morning Guys,

A look at the EUR/USD through a 5 minute lens with the help of the RSI indicator.

I have drawn the support & resistance lines based on the RSI indicator.

The support line was breached at some point (yellow circle) but price corrected and started going up to trade within a range(between the green lines )

I was late tp the party if i was online when the support line was breached(yellow circle) I would have shorted the market.

I will wait for another breach to occur at the support (lower green line) or resistance (upper green line).

Price tested my support line but didnt break through it

Resistance line breached EUR/USD is showing upward pressure good time to buy

Good Morning Guys

Today I am Trading with the help of the Relative Strength Index (RSI) Indicator

Chart1:

The RSI Indicator (see yellow circle) is showing the the market is overbought (the readong is above 70)

Whenever the market is overbought the next thing is the price will start falling so i short the market by placing a sell order.

Chart 2:

I place my Stop Loss above & Take Profit Below

Chart 3:

Price starts falling in my favor

However, I notice something: I fear price may reverse at the 1.10330 because the candles seemed to break an invisible barrier before going down so i mark that point with a red line

Chart 4:

When price gets to that red line i exit manually with my profits

I have long exited with my profits but as you can see, the price reversed at that red line i marked

Good afternoon guys

Range Trading

Chart 1:

I noticed EUR/USD was trading in a range so i marked the upper & lower range with two green lines. I also opened a sell order when i noticed price has broken the lower range and was moving downwards.

Chart 2:

In this image i zoomed in to show you where i placed the sell order to profit from the downward price movement to come.

Chart 3:

I place my Stop Loss (SL) above the lower range because i don't expect price to reverse & place my Take Profit (TP) at the lower wick of the candles where price is headed

Chart 4:

Price is nearing my Taking Profit (TP)

My Take Profit has been hit so i have made a $65 profit