EUR/USD Beginner Level trading
I am long EUR/USD with 10 pip SL below yesterday's London FIX and TP at 1.1500 where the 2.9 billion euro option barrier is seated.
I have exited my trades with profit. I was stopped out of my first trade when price nosedived below the FIX and hit my SL, but I went long again and recorded a 20 pip profit on each trade
I have exited my trades with profit. I was stopped out of my first trade when price nosedived below the FIX and hit my SL, but I went long again and recorded a 20 pip profit on each trade
Bro how did you know the price was gonna rally upwards? I have been watching the same chart and I sold instead and recorded a huge loss.
First reason for my buy decision - The 4 pm London FIX
On the last working day of every month, price always interacts with the previous days 4 pm closing price aka the 4pm London FIX. Check yesterdays 4 pm closing price for EUR/USD and you will see it is 1.1460 and I marked it with a blue line. So I set my stop loss below the FIX. My SL was hit the first time but I went long again when I saw price rising above the FIX. That was my buy trigger.
Second reason for me deciding to buy - option expiry cluster
Price always tends to move towards option clusters first, and today there was an option cluster between 1.14950 and 1.1500. This also made me confident to take a long trade.
So, for the above stated reasons, i went long again even after getting stopped out the first time cos my bullish conviction was strong. Notice how price kept rising until it got to the 1.1500 option expiry. Hope this helps!
