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

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!

My gosh! do you know this morning I looked at the 4 hour chat and saw it was bearish hence my decision to sell, only to sustain a loss. Thanks for this knowledge.

Just went long with 5 pip SL, my profit target is around 1.1620 where there is a eurusd option cluster.

I have closed my long trades with 22 pips profit each

@yoks I traded this morning but recorded a loss because I sold at 1.1580 instead of buying like you did. I had thought because price broke out from the Asian range and showed a red candle, that price was going to drop

The move you made to short has a higher chance of working on a "normal day" but today is not a normal day for some reasons:

1 . There are option barriers stacked above from 1.1600 to 1.1630 and their values are huge (in the billions) so they will likely act as a magnet to price, drawing price upwards.

2 . EU unemployment rate news is coming out soon by 10 am this morning.

Today, EUR/USD is still looking bearish because the Franky reversal didn't follow through. The bearish pattern is the one i encircled in blue. There is an option expiry at 1.1500 so sellers should aim for that as take profit cos price may likely push downwards

I have gone short based on my above analysis, my TP is around 1.1500 where the option expiry is seated.

SO, far I think we have a clear path to 1.1500 cos when you look at the sessions chart we are somewhere in-between 1.1505 and 1.1503 with no major hinderance in the way.

I'm with you yoks, I think this is the point where I should add to my winning trades yeah?

Precisely! @kemi, its always good to add to winning trades, that's the only way to be profitable in the long run.

But price is taking so much time to get to 1.1500 I am up $10 I think I will just close out with this cos I am scared of losing it.

@Obinna we are around 10 pips away from out TP being hit at 1.1500, for me I am still in the trade

@Yoks price is going up

The New York session is starting in 10 minutes (by 1:30 PM UTC+1), it should push price back down towards the 1.1500 expiry.