EURUSD: Workable Entry Points for Buyers and Sellers
How to trade the pair? Should we buy follow the main bullish trend in the daily timeframe? Should we sell following the trend reversal signal based on a bearish divergence?
Let's look at the 1H and try to plan possible trades.
If you want to be a part of the bullish team, you should wait for a breakout above MAs. After a retest SMA100 or SMA200, it will be possible to open a long trade with the profit target at 1.19600 level. It is the local market high. You can see the same setup on the chart. The price broke SMA100 and SMA200. After that, we got a reversal signal from SMA200, and it gave us a buying opportunity. We could follow the local bullish trend and make a good profit. How will it be this time? We will see.
If you want to follow the bearish signals, you have to wait for a breakout below the local uptrend line. It will give you an opportunity to catch a local downtrend, which will be supported by bearish signals from the daily chart as well. The market has space for the downward movement.
It doesn't matter, are you going to buy or sell, you must use the proper risk and money management. Don't forget about it as it makes a difference between amateurs and pro traders.
Do you think there are better entry points for trades, like a reversal from SMA200 for shorting? Share your thoughts in comments. Let' discuss!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Let's look at the 1H and try to plan possible trades.
If you want to be a part of the bullish team, you should wait for a breakout above MAs. After a retest SMA100 or SMA200, it will be possible to open a long trade with the profit target at 1.19600 level. It is the local market high. You can see the same setup on the chart. The price broke SMA100 and SMA200. After that, we got a reversal signal from SMA200, and it gave us a buying opportunity. We could follow the local bullish trend and make a good profit. How will it be this time? We will see.
If you want to follow the bearish signals, you have to wait for a breakout below the local uptrend line. It will give you an opportunity to catch a local downtrend, which will be supported by bearish signals from the daily chart as well. The market has space for the downward movement.
It doesn't matter, are you going to buy or sell, you must use the proper risk and money management. Don't forget about it as it makes a difference between amateurs and pro traders.
Do you think there are better entry points for trades, like a reversal from SMA200 for shorting? Share your thoughts in comments. Let' discuss!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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