It is time for me to share with you my analysis on the EURUSD and GBPUSD for the coming week.
I hope that you guys have made a good profits for this week so far in trading as the market has more or less stabilized. At the time of market closed, we still have 2 profitable ongoing trades on the EURUSD and GBPUSD.
I will be monitoring the trades when the market opens on Monday and may shift the stop loss to breakeven for the GBPUSD trade.
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For the trade copier, you just need to install my trade copier software to connect our account and copy my trade. I am unable to log into your trading platform and you are very safe.
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Enough of my trade copier promotion, let us come back to the market analysis for the EURUSD and GBPUSD for this coming week
My Analysis on the EURUSD
if you take a look at the weekly chart, you will see that the price tried to move back down this week but was eventually being pushed back up again which shows the determination of the price to break above the resistance on the weekly chart
On the 15 minutes chart, you will see that the trend has shifted from down to up again on Friday which is why I enter a BUY trade on it. The entry was based on my trading strategy and not random entry. You need to have a reliable strategy to make an entry.
For this pair, our target profit is set at 100 pips which is the resistance on the weekly chart as level of strong resistance usually acts as a magnet to attract the price to test it.
My Analysis on the GBPUSD
If you take a look at the weekly chart of this pair, you will see that the price has broke above the 200 EMA and produce a candle above it. For this week, it actually tried to move back below the 200 EMA but failed and now stay above it.
On the 15 minutes chart, it has triggered my FHEMA strategy and therefore I have entered a BUY trade on it as well. For this pair, the target profit is set at 80 pips based on the strategy.
One thing you need to take note is that even though the price manage to produce a candle above the 200 EMA, there is still chance of it trying to push back down which is why I am going to shift my stop loss for the GBPUSD to breakeven when the market opens.
If it move down, it may triggered my trend strategy as well. Therefore it is always good to have several strategies on hand when trading.
I hope that this analysis is useful for you guys.
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