A lot of you have been asking me why I did not post any signal on my blog or members area for you to follow this week.
This is because the market is very volatile and the price might change direction very fast. As I am unable to send you a message to exit a trade and enter an opposite trade when necessary, I decided not to post any signal for the past week.
Now that the market has stabilized, here is my market analysis
If you have been following my blog, you should know that I have been talking for weeks about the price hitting my Fibonacci extension of 1.618.
Indeed the price has hit the level and immediately reversed back immediately. This goes to show how important it is to be able to draw the correct Fib level.
This shows how useful the Fibonacci level is in trading. That is why I dedicate 2 modules to the Fibonacci alone in my course to ensure that my students know how to best use this indicator to make money in trading.
If you are interested to learn the correct way of drawing Fib and also join my forex video signal and trade copier, you can do so via the promotion below.
With the fulfillment of the extension, I have drawn a new Fib on the chart. The EURUSD has moved up quite a bit yesterday but it is being resisted by the 0.500 Fibonacci retracement which causes the down move you see at the moment on your chart.
Personally I believe that the EURUSD will continue to move down to hit the 1.618 extension projection eventually.
So I will look for opportunity to go SHORT for EURUSD this week
For this pair, I have a good signal for you and I can assure you that it will give you a profits of more than 100 pips to 200 pips once it occurs.
If you take a look at the picture below, you will see that the price is currently being held within a trend channel.
When the price breaks above the channel, you can enter LONG
When the price breaks below the channel, you can enter SELL
Your stop loss will be 30 pips and target profits can be 100 to 150 pips
If you are interested to join my forex course to learn how to draw the right Fibonacci. You can go do via the link below