As promised, I will be posting live trade to share with you my analysis and why I do the trade as I believe that the best tutorial is through live trading examples.
Today I am going to share with you another 3 live trades that are ongoing so that you can understand why I enter the trade.
We have entered a SELL trade on the EURUSD
If you take a look at the EURUSD daily chart, you can see that trend is DOWN as a whole
Now we zoom down to the 15 minutes chart, you can see that the price has broke a major support at 1.10467 and you can see that I have entered 2 separate trades on the EURUSD.
The reason why I enter 2 separate trades is because I want to take the profits out in 2 different target profits. If you take a look at the picture below, the 1st trade was taken when the price created an entire candle below the resistance. The second trade was taken when the price retrace back.
For the 2 trades, I have shifted their stop loss to breakeven as it is already 20 pips in our favor.
The EURUSD has been moving sideways for the entire week so far and with this break, it might triggered the continuation of the down trend on the daily chart and we can start to profits from the trend again.
I plan to take out one trade at 50 pips where it hits another support and then let the other trade run to 100 pips where it hits the other support
The USDJPY is slightly hard to trade because it is still being trapped within the 100 EMA and 400 EMA on the daily chart.
On the 15 minutes chart, you can see that there is a major resistance at 108.683 as the price has tested it several times before.
In fact, the price has been testing this level quite a number of times last night
We have a SELL trade on this pair as the price has broke a support level which it has tested several times. But after we enter the trade, the price move back up.
For this trade, if the price manages to break above the 108.683 level and then create an entire candle above it, I will then enter a BUY trade for it.
If not, I will stick to my SELL trade now.
For those of you who are interested to join my fx course and trade copier service, you can take a look at them below