Hope you all had a great weekend.
I’ve always said that the best currency pairs to trade are the ones that you know what the market is likely to do (aka clear market condition).
- trying to guess what the market is doing, or
- using magic formulas to forecast market direction, or
- blindly using indicators to open your trades
That’s not the way to go… and will never be the way to go.
It’s all about adaptability.
- You see the market going up, you look for long opportunities
- You see the market going down, you look for short opportunities
- You see the market ranging, you take extreme trades
- You have no idea what the market is doing, you take no trade
How difficult is that?
What’s more important is that this way to trade is way less stressful and far more enjoyable.
My plan to trade the EURUSD
To tell you the truth, I didnt like the EURUSD at the beginning of the year, it didnt have clear S&R levels, it got rejected from random levels making it very difficult to trade.
That’s the reason I stop trading it for a few months.
I saw no point on trying to trade something that I have absolutely no idea of what the market was likely to do.
But things change my friend, and we need to adapt.
In this case the EURUSD changed from a very difficult chart to trade, to a very simple one… here it is, take a look at it:
What do you think I’m going to do right now?
You are right, since it was rejected from LT resistance level at 1.3400 it is now likely to continue its way down until it reaches the next LT support level at 1.2800, therefore, I’m going to look for short opportunities.
It is currently trading at 1.3286, so we have more than 400 pips to go.
Are you ready to get them?
You see how different it is to try to guess what the market id doing than adapting to the market conditions?
What do you think about the EURUSD, are you going to trade it?
What other currency pairs are you currently watching?
Let me know in the comment section.