Good day friends! I hope you had a good weekend! Every trader must give a rest to his mind in order to achieve an important tool to a trader, equilibrium!
Well, I´m flat until now waiting the end of G8 Meetings and some news to be released before consider a side to trade the EUR/USD.
Last week we were on the right side of the trade buying around 1.3280 targeting 1.3380 like shown from our dear friend The Forex Koala, which produced for us a good harvest of 100-110 pips profit on our trade plan.
No reason to argue with him this week too, his thoughts matches mine regarding key resistances and key areas. This way, our trade plan will look for buy areas until we have a good reason to become bearish again. Remember folks never try to speculate a guess on where the market will reverse, or a bottom or a top! This is a basic rule to trade. Look for yourself the last four week behind us on our trading platform on weekly chart!
See?! A big and healthy bullish trend! Daily trend is bullish too with my 9,5,5 Stochastic on overbought area. This does not mean that it will reverse any moment, but means that market can remain bullish for days, weeks even months! Remember! Do not try to find tops and bottoms. Never!
With this in mind, I have no reason to plan a trade with bearish considerations. So here we go:
Like our friend The Forex Koala in his article here http://thegeekknows.com/2013/06/eurusd-forecast-18-jun-13.html , our key resistance is 1.3380 – 1.34 area. We´re bullish here and our trigger lies above this area targeting 1.3480- 1.35 area for around 100 pips profit. Look for a break above this level and a proper retracement to trade.
If 1.3380 – 1.34 become really a strong resistance, we may see eurusd back to 1.3280. But for me is hard to say if I´ll trade this with such a bullish market behind us!
This is it folks. I hope you enjoy and learn as I´m learning when I study and write this trade plan for us. Don´t forget to visit the forum and share with us your point of view! We really appreciate it.
Nice week of trades and green pips for us all!