Elmar EUR/USD Trading Plan 24 Jan 13




Hello folks!

As you´re noticing, our week of trades is quite slow as the EUR/USD is not giving us a direction to trade. Give a look to the chart and you will see that the EUR/USD is producing mixed signals.

To the bearish side we have a good double top like shown to us in the forum by TheForexKoala. To the bullish side, Masoud´s triangular pattern like shown in the forum with a good shape of a flag maybe meaning a bullish rest before the resumption of the major uptrend.


20130124-225148.jpg

As the signals to my point of view are mixed, I advise you to stay aside until we see a clear break out of the levels of 1.3280 and 1.3400.

For those brave and fearless readers that like to scalp and harvest some pips, you can trade a very small position and very tight stop loss on a break out of the blue line at the top of the flag, aiming 1.3400. Again my WARNING of staying on the sidelines. We are almost at the weekend and we barely trade Fridays.

That is it fellow readers, no trades triggered this week. Forex sometimes looks like a Pandora´s Box. You will never know what the market is really up to with such mixed signals. Next week forex will be there again and for sure a better trade awaits us!

Nice weekend everybody!

VN:F [1.9.22_1171]
Rating: 5.0/5 (3 votes cast)
Elmar EUR/USD Trading Plan 24 Jan 13, 5.0 out of 5 based on 3 ratings

Do join our free mailing list for exclusive updates!