Hope you all had a great and easy weekend! Because it’s going to be a busy week!
Tons of important fundamentals, among the most important are:
AUD interest rate announcement
GBP interest rate annoucement
EUR interest rate announcement
USD Non-farm payrolls report
CAD Unemployment rate
Kind of busy isn’t it?
So what do you think? Do you trade on busy fundamentals weeks like this one?
I do, provided that there is a clear market condition. Look, most of the time the market moves in the direction of the market condition, so I do trade when I see clear market swings, which is what we got in the EURUSD.
Short signal in the EURUSD
As most of you already know, I like to do a long term analysis to determine what the market is likely to do, once I find a currency pair with a clear market condition, then I look for my entries on the short term charts.
So here is the EURUSD weekly chart:
As you can see in the chart, it’s clear that the Euro is likely to continue its way down.
Now, dont get me wrong, it’s not that I’m going to trade off the weekly chart, I’m just using it to determine whether I’m going to trade the EURUSD or not. In this case, I like what I see, therefore I’m going to look for short opportunities in the short term chart…
Now, here is the short term chart:
So my plan is to wait for the market to break the short term support level and trade the breakout.
My short stop entry order is resting at 1.2985.
What do you think about my entry order?
Are you going to trade this week?
Let me know in the comment section.