Trading plan for EURUSD, GBPUSD, USDJPY for 17/12/2020

Dec 17, 2020

EURUSD*

Technical analysis**:

Trend: 1
Trend power: 3
Overbought/Oversold: overbuying
Preferable trade direction: buy

Buy near 1,2150 with a stop loss above 1,2090 and a take profit near 1,2250.

GBPUSD

Technical analysis**:

Trend: 1
Trend power: 4
Overbought/Oversold: overbuying
Preferable trade direction: buy

Buy near 1,3470 with a stop loss above 1,3420 and a take profit near 1,3540.
Buy near 1,3380 with a stop loss above 1,3340 and a take profit near 1,3540.


USDJPY

Technical analysis**:

Trend: -1
Trend power: -4
Overbought/Oversold: absent
Preferable trade direction: sell

Sell near 104,40 with a stop loss above 104,80 and a take profit near 103,70.
Sell near 105,30 with a stop loss above 105,70 and a take profit near 104,30.
Buy near 103,30 with a stop loss above 102,90 and a take profit near 104,20.

* all transactions are intraday, that is, it must be closed at the end of the day. The error in the parameters of transactions is +/- 5 points; in the case of fundamental force majeure, the recommendations may be less relevant;

** the trend parameter accepts values “+1” - an uptrend, “-1” - a downtrend, “0” - no trend. Determined in terms of the author's analysis of a set of signals from technical indicators from different time frames;

the trend strength parameter - accepts values from “-4” to “+4” and shows how strong this trend is. It is determined based on the author's analysis of a set of signals from technical indicators from different time frames;

overbought/oversold is defined in terms of the analy
sis of the RSI (8) indicator on a daily time frame. The boundaries of the zones are accordingly 70 and 30;

the priority area of transactions depends first of all on trend and its strength but is also taken into account our value judgments of the situation on the market.

Wish you successful trading solutions and transactions!