A good market opening and an excellent trading week to everyone!
Markets are opening and trends are looking to resume. I can't see many differences from the trends already identified last week. While longer term plays are ongoing, here is a (hopefully) quick intraday idea for some 40 pips on EURUSD.
Price action is clearly telling us the EUR will have another leg up. How big we don't know, but to maximise our chances, let's ride the bullish bias until close to next major resistance level around 1.1030.
Markets are opening and trends are looking to resume. I can't see many differences from the trends already identified last week. While longer term plays are ongoing, here is a (hopefully) quick intraday idea for some 40 pips on EURUSD.
Price action is clearly telling us the EUR will have another leg up. How big we don't know, but to maximise our chances, let's ride the bullish bias until close to next major resistance level around 1.1030.
Trade closed manually
Close the trade manually at 35 pips, price is progressing slowly and without conviction hinting at a possible retracement. Note:
Lately I had to adjust trading style as market conditions are not offering decisive trends and creating fake outs all the time, so while things remain this way will play it safe. This means opening two high conviction trades for every strong setup, letting one run with SL at breakeven and booking profits in the other. Most of the positions I have let run ended up being stopped at breakeven, even after being positive for 30+ pips and with after clear breakouts, for example.
I have made 4% today in my account, mostly scalping and with 3 or 4 of these intraday trades. Very happy to close the day and wait for the next clear setups to come.
One of the best and hardest lessons trading offers is to adapt to the conditions, not trying to impose or convince yourself you are right.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.