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Forextrading

EURUSD ANALYSIS ON H4 CHART.Overall, EUR/USD is trending downwards. Recently, EUR/USD traded into the support zone of 1.10000. The European Central Bank (ECB) held its monetary policy unchanged during its meeting yesterday. The central bank sent out a hawkish tone when it announced that it will speed up its QE tapering if the eurozone economic data warrants it to do so, potentially ending bond-buying during the third quarter of 2022. Currently, EUR/USD is testing the support zone of 1.10000 and the next resistance zone is at 1.12000. Look for short-term buying opportunities of EUR/USD if it bounces off the support zone of 1.10000.
Long
by charliedavies770
#EUR/#USD Trading Plan 27-28 Jan 2022This major forex pair is looking extremely weak to us. Here's our trading plan for the day: In this chart of EUR/USD I have marked 4 price levels which have been determined based on a proprietary calculation that I have developed. The zone between the top-most and bottom-most price levels is a strict "No Trade Zone". If EUR/USD's price crosses the top-most price level, we will be looking for long opportunities and if EUR/USD's price crosses the bottom-most price level, we will be looking for short opportunities. Entry criteria: Bullish case: Enter as soon as a 5-minute candle CLOSES above the top-most price level. Bearish case: Enter as soon as a 5-minute candle CLOSES below the bottom-most price level. Stop Loss criteria: Risk: 2% of capital of per trade. Bullish case: Just below the second price level from the top. Bearish case: Just above the second price level from the bottom. Take profit criteria: I personally follow a system wherein I do nothing until 1:1 RR is achieved. But post 1:1 RR is achieved, I adjust stop loss to cost. I then exit 1/3rd of entered quantity based on 5 minute candle close below ( bullish case) or above ( bearish case) 15 EMA . I exit 1/3rd of entered quantity at fixed take-profit level of 1:3 RR. And I exit the final 1/3rd of entered quantity based on a system of setting stop losses that are dynamically adjusted to the nearest retracement after a Day High Breakout (in bullish case) or Day Low Breakout (in bearish case). I have also experimented with systems wherein you can set take-profit at a fixed level of 1:3 RR or alternatively after 1:1 is achieved book full quantity vased on 5 minute candle close below ( bullish case) or above ( bearish case) 15 EMA . Both of these alternative systems have also been profitable. Please note the given zones are valid only until the end of the day. Any open positions must be closed by 03:25 AM IST which is around when the day is about to end in the forex markets. Also please note: according to the rules of my system, I don't take more than 3 trades per day on any asset.
Short
by abhineetramjiwal