EURUSD: Consolidation period

Earlier we talked about the consolidation period of the EURUSD, please take a look at the next chart:

EURUSD
EURUSD

We have one problem though, the consolidation period is not very well defined, so we need to widen up the main support and resistance level. Anyway, we need to wait for the market to break either the support or resistance level to start looking for a trade opportunity.

My Trading Plan:

If the market breaks 1.4858, I will be looking for long trading opportunities.

If the market breaks 1.4593, I will be looking for short trading opportunities.

If the market keeps trading in between 1.4858 and 1.4593, I will do nothing (cant trade this range as it is not very well defined).

Trade safe!

Raul Lopez

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .