Hello friends. How is your week of trade? I hope you´re green.
I didn´t take any trade this week yet but if you´re in tune with TheGeekKnows trade plans and articles, you could have sell short around 1.30 and get good pips on it.
Masoud´s bearish Equidistant Channel proposed here: http://thegeekknows.com/2013/03/masoud-eurusd-forecast-11-mar-13.html is still valid and after a huge bearish gap at the start of the week, prices are working very well inside of it.
We have to adjust a little bit our immediate support from 1.2880 to 1.2850. A clear break below it can lead us to 1.27. We see friends in the forum calling even 1.26. So friends, if you do not have habit to look the forum, I advise you to do it! We´re making good friends sharing point of view there and we give daily updates on out trade plans too.
Our last trade plan for this week was to sell short around 1.30 area and after the start of the week and a huge gap we had two opportunities to enter this trade plan targeting 1.28 producing good profits for those who followed it. The market is slow but yet bearish. And so we are.
Let´s plan our trade for the rest of the week and next:
We´re going to keep the initial week trade plan following the trend and as long the prices stay below 1.30 and do not close the gap, shorting around 1.30 back to a retest of 1.2880-50 area is a good option. To close the gap, we need a clear close above 1.30 and further up away which will mess up all our trade plan and neutralizing our trade plan. If this happened, stay aside.
In other hand we have a possibility to wait a clear break below 1.2850 which is the support formed up from the last moves this week and below it with a proper retracement look for short opportunities around 1.2850 targeting 1.27 for around 150 pips profit.
That is it folks. Remember to keep in tune in the forum and vote on the predicted EUR/USD price there as a fun activity for all!
Nice weekend everybody!