For the EURUSD trade last night, I have entered the BUY trade once it broke the resistance but the trade ended up as a breakeven trade in the end as the price reverses due to the strength of the 100 EMA resistance on the daily time frame.
However when the price moved back into the trend channel, I entered a SELL trade to trade the channel and we made a 18 pips profits from it as I exit the trade before it gets repelled by the lower support of the trend channel.
If you are a user of my trade copier, you will see this profits on your account. The good thing of using the trade copier service is that it is spontaneous. Once I see something and I enter a trade, it will be done on your account as well.
Beside the EURUSD, I also enter a BUY trade on the USDJPY and we exit it at 10 pips profits before it gets repelled by the resistance.
Not a bad way to scalp with a total of 28 pips profits making $574 in the process.
Below I will like to give you a new update on how to trade the EURUSD and USDJPY today so that you can make some profits from my analysis
My Analysis on the EURUSD
The trend on the 15 minutes chart remains UP as the price move back into the trend channel again last night after breaking through it.
For this pair, I will wait for the next breakout to make the trade. If it breaks downward, we will enter a SELL trade and if it breaks upward, we will enter a BUY trade
My Analysis on the USDJPY
For this pair, there is a strong level of resistance seen on the hourly, 4 hourly chart and the price is moving toward the 400 EMA resistance on the 15 minutes chart as well. The trend on the USDJPY on the 15 minutes remain strong down as well.
Therefore I may look to go SHORT for this pair instead unless there is other development on this pair.
If you are interested in joining my trade copier, you can take a look at the link below