EUR/USD FIRST TRADE FOR 2016
First of all- Happy New Year Traders!
2015 was a great year and the profits that we have made very extremely good. There is always room for improvement, but in general, the year was full with opportunities. One more time, it was proven that trading even without following fundamentals is possible– they could be used to indicate future volatility, but the best moves are coming from the “black swan” events, which no economic calendar can predict or enlist.
One of the best recent trades was the GBP/JPY– it has surpassed even the second projected target. From the signal given to the current price there are almost 1,000 pips profit. This does not mean that you would have made 1,000 pips. What it means is that if you are still in this trade, your profit is close to 1,000 pips. A few of you might be still in, because there was no bearish indication and the price has been steadily decreasing in the past few weeks. I got out close to the secondary target based on a support level and a bit of greed. I just wanted to take my profits before the end of the year, but there was not really a technical reason to get out of this trade. If you are still in this trade, you should be careful, because there is a very strong support level at the current price, which should be tested.
Today’s trade is a long trade in EUR/USD. I can see that the price is testing the minor support level at 1.0800. I can see see a small bearish rejection- nothing too significant, but what I am looking for in this trade is the support level that the price is testing. Also, the smaller timeframes are giving me reassuring signs for at least a small leg up. My entry would placed at the level of 1.0825. My stop would be placed just under the recent lows at- 1.0770. My first price target is the level of 1.0940. My secondary target is the level of 1.1050. Then, it will come down to price action to see how the price is reacting to these highs.