I hope that you guys have made some profits from the 170 pips movement of the GBPUSD after reading my trading tips yesterday.
We have made a nice 130 pips profits from the down move of the GBPJPY, GBPUSD and EURUSD yesterday. I must say that the EURUSD has not yet made the strong down move which is what I am waiting for today.
The GBPJPY and GBPUSD will continue to move down but I will not be entering it now as it might retrace first before it continues its down move.
One thing you have to be careful when trading the GBPJPY and GBPUSD is the strong volatility now.
A small retracement is enough to set you back by 30 to 40 pips. That is why you will find your stop loss easily triggered when trading these 2 pairs now. Therefore you need to find a very good entry.
I will be concentrating on the EURUSD this week as the volatility is still normal and it has not yet make the 100 pips down move as predicted by my trend strategy.
The problem now is that the price has hit the 200 EMA on the 4 hourly chart. If it pulls up and go above the 1.18651 level, it will triggered my RTT strategy and I will go BUY. If it move down, it will triggered my trend strategy and I will go short. Therefore I can say that there is definitely a trading opportunity on the EURUSD this week.
My advice for you guys this week is to trade the EURUSD as the volatility of the GBPUSD and GBPJPY can easily trigger your stop loss.
For the EURUSD, as long as it did not break above the 1.18651, you can still look to SHORT it which is what I am going to do. Do note that there is a strong support at 1.17607 which you can use as a entry point.
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