EUR/USD Beginner Level trading

Looking good. Upward trend is currently on as predicted

Upward trend still continuing as predicted

Ive set my Take Profit to be worth $500 and my Stop Loss is worth about $200 so that's a 1:2 risk/reward ratio.

On second thought, i reduce my Take Profit to be worth $200 and reduce my Stop Loss to be worth $100. However the 1L2 risk/reward ratio is still maintained

There are actually two ways to trade it.

1. You could preemptively trade the range, meaning enter at the lows in the case like today at the false break at around 990. Attached screenshot.

Because Frankfurt has a tendency to false break, and set the high/low of the session around 50% of the days. So, you set the stops below the range.

2. Alternatively, as you did, you can trade the break of the range.

Both are valid. But with first you generally have low risk entries to ride the London move for 2-3 hours at least.

Upward trend ongoing so i secure profits at around $100 by moving my stop loss upwards.

My Stop Loss has been hit but I was able to secure about $100 worth of profit

Good morning guys. Today i am monitoring the EUR/USD.

The resistance line i drew yesterday is now acting as support as price has not been able to break below it.

I have also marked a new resistance level at the highest price reached yesterday.

The Bollinger band indicator is showing a squeeze or narrowing of bands. This indicates a major up or down trend may be about to start.

If the price starts falling and breaks through the support then i will sell.

Market is still calm and moving in a sideways trend. No major volatility.

Update: In the range & it did not break the key 102.20x level.

I had a short EURUSD today at 0137 at the London open, which I closed at the Asian low.

I did not hold it till the news. So, I missed out on all of this move.

DXY was the basis of my weekly range trade as I indicated at the end of last week.

But since most of the moves were outside the London session, I was not able to trade it as much as I would liked to have.

I did enter one small sell position (much smaller than my average) during NY yesterday when it reacted from the highs, but I closed it manually during the night at 112 for a very small profit. It was not a great trade to be honest & I don't feel comfortable trading the NY session.

During important US news events like we had in this week, mostly the moves happen during the event & in NY session. So, it is really difficult to position before, if you don't trade a session that is making the high/low of the day or bulk of the move.

Price has broken through the support and a down trend started. This would have been a good time to short the market.

Today I've drawn resistance and support lines over and below the Asian session highest/lowest prices.

I am looking for price to break through any of the lines then i place a trade in that direction

Good morning. Its 7 32 am and im currently looking at the eur/usd chart and i have located potential areas of value and marked them with the yellow horizontal lines.

This areas of value will act as support/resistance.

You can see price falling to one of the areas of value currently

Price has bounced of the area of support and is going upwards so i have opened a long position by buying.

I invoke the Fibonacci Retracement Tool to see if the red candle is a pullback or if i should be worried a down trend is forming.

The price bounces off the Fibonacci line showing its not a down trend but it is a pull back.

As you can see the price has started going upwards again

I protect my position by setting my stop loss below the Fibonacci line with 100% reading.

Why? because if price should drop to this fibonacci level, it is likely it is not going to retrace and a down trend will start.

Remember the golden fibonacci levels are around 30 and 60%

I have set my Take Profit at the 1.10500 level because at that point the profit will be 3x my risk or stop loss. So that's a 1:3 risk to reward ratio

see details of take profit and stop loss here