Good morning traders. Hope you all had a great weekend and are raring to jump into the new week.
Before we get into what´s in store for the coming days, lets take a quick look back at last week to check whether we were on the ball or off the mark.
We were pretty accurate for the most part in our expectations and the levels gave us a good handle on where and in which direction to trade. The 5m chart below shows the trades I suggested and their outcomes.
EURUSD 5m Chart
So no need to have to look back in anger.
In fact there is never any need to do this because if you stick to your plan, win or lose, there is no need to be angry – ever. Losing is part of winning in this business and I find the only time anger (more really frustration tbh) takes hold is when I do something dumb – and know it :). So just don’t be stupid and stick to your plan. Haha – easy right!
Looking at the daily chart we are still above the 1.15 level on Fridays close and the pin bar from mid last week suggests more upside to me. How we perform on Monday will give us a steer for the rest of the week.
EURUSD Daily Chart
EURUSD Hourly Chart
On the hourly, the levels are pretty clear to see both above and below and it’s at these levels we we need to focus our effort on taking trades. If our premise is more upside in the pair then we want to be looking at good points where we can get long with good risk reward (the only reason you would ever trade). I’ve marked up the 1.1520 level with a green arrow as it looks particularly attractive to me dependent on price action if and when it is traded. If we get positive pa on the 5m chart I´ll be taking a long position here. 1.15 is similarly key to maintaining the upside and again if we get bullish pa I´ll be jumping in.
Have a good one – till tomorrow amigos.
Please note: All opinions expressed above are from the author and not necessarily shared by The Armchair Trader. All financial investments involve an element of risk. The value of your investment may fall as well as rise and you may get back less than your initial investment. With Spread bets and CFDs your losses may exceed your deposits.