Mark Wogan: It pays to take a level headed approach

Good morning traders. I mentioned yesterday that I’d be looking for a downside level to get long on our weapon of choice and posted the 1.1546 level marked on the 15m chart.

That’s where the price turned and gave us a good risk reward entry. Actually if you´d been at your charts watching the price action on the 5m chart you could have got a better entry price at 38 if you knew what to look for. Wherever you got long around here there was money to be made  – and we knew where to look for it in advance.

EURUSD 5m Chart

The broad point I´m making is that whatever your circumstances, whether you can only be at the charts for a short while a day or whether you are full time – it pays to watch these levels. If you can’t be at the chart-face all the day – set alarms for when our levels are being approached so you can check the price action and act accordingly.

It pays to take a level headed approach to trading!!

So what’s on the radar for today?

As we have made a significant move back up above our key support at 1.15 I suspect any dips will be bought up to the 1.1620s level as a first target, as I mentioned yesterday, and then 1.1650 and maybe above. As it’s Friday we might also get some profit taking possibly holding the upside for now. Its been a good week (again) so no need to get too involved if you´re not sure or happy holding over the weekend.

EURUSD Daily Chart

EURUSD Hourly Chart

The levels are all noted – trade them as you see fit.

Have a good day and and even better weekend. Catch you all bright and early Monday.

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.