EUR/USD Signal Update
Yesterday’s signals were not triggered and expired as although the price did reach both 1.2442 and 1.2502 during the London session, there was no suitable price action there on the H1 chart after the first touches of these levels.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be made before 5pm London time.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.2564.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.2616.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
Long entry following bullish price action on the H1 time frame immediately following the next touch of 1.2442.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
I wrote yesterday that “A breakdown to this level (1.2442) with a quick bullish bounce could be a great opportunity for a long trade.” It is rare that you can be completely 100% right in Forex, but this was spot on, it was unfortuante though that the bullish pin bar that then formed on the H1 chart was not broken to the upside on the very next candle as that was my signal for entry.
