Is there still time/room to trade the EURUSD?

I’m afraid there isn’t my friend… At least for now.

Look, the idea is always to trade a currency pair is to trade it when there is enough room for the market to continue its way up or down.

But right now, the EURUSD is trading too close to its next LT level (which is at 1.2818).

Right now, the EURUSD is trading around 1.2886, so we have like 70 pips before the market hits that level…

Here is the long term chart:

EURUSD 1D

But you need to remember one thing…

Long term S&R levels are more like “zones” instead of plain levels…

So we might be pretty close to that level…

But you dont have to worry about it, sooner or later we’ll be able to trade the EURUSD again… for now, lets focus in other currency pairs with clearer conditions… such as the USDJPY…

USDJPY Long Term Analysis

The USDJPY just broke through an important LT resistance level triggering a bullish condition:

USDJPY 1D

The orange level that you see at the top is a weekly level, because you need to go back a few years to find the next level…

So in the USDJPY its clear that we have plenty of room to take our trade…

You see the difference between this and the EURUSD?

USDJPY Short Term Analysis

In the short term charts its also self evident that the USDJPY already broke through the SF Box, triggering a bullish condition…

USDJPY 1H

But I’d still like to see the confirmation of the 105.61 level before taking any trades.

Once we get that confirmation I’ll start looking for long opportunities.

Your Turn

What do you think about the EURUSD? And about the USDJPY?

Are you going to trade them? What do you think about my trading plan?

Share your thoughts

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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 .

  • pduarte

    Hello Raul,

    About the EURUSD I have enter short and now I am dealing whit a loss. I have not close the trade yet because as long as it trades below 1,2964, I prefer to keep it open.
    About the USDJPY I have a trade open since 106,20 and I have a Buystop at 106,97.
    Now I am following other currency pairs like:
    AUDUSD – Waiting for a retracement.
    CADJPY – Waiting for a retracement
    USDCHF wating for a retracement
    CADCHF – waiting for an oportunity to go long.
    GBPCAD – Waiting to go short.

    What do you think about this?

    Cheers,

    Paulo

    • Raul Lopez

      Hello Paulo,

      Tere is a new range in the EURUSD developing, which could help your trade… One thing we need to consider here is that the LT level is too close (I have it at 1.2818), so be careful with the RRR.

      USDJPY, I guess you order has already been triggered… I also have a trade here so we’ll see what happens!

      CADJPY, we are getting that retracement.
      USDCHF, I have an important level at 0.9385.
      CADCHF, I have an important level at 0.8535
      GBPCAD, important level at 1.7542
      AUDUSD, mmmmm not comfortable with this one.

      Good luck Paulo!

      Cheers,

  • Chris Williams

    Raul my only concern would be that the retracement back to 105.61 seems a little bit far. If the momentum is so strong to the upside isn’t it worth the risk to accept a slightly shallower retracement to say 106.0?

    • Robinson

      Hi Raul,
      I agree with Chris here. the pair has been rejected from the 106.0 twice since crossing it. The momentum seems pretty strong. Would it be reasonable to adopt 106.0 as our new support?

      • Raul Lopez

        That’s right… It created a short term range, look at the 15M chart… I was able to get in because of that range…

        • Robinson

          That’s awesome! It’s great to see we’re all analyzing the trade in the same manner. Gives us all more confidence in what we’re doing. I noticed the short term range too and jumped in a few hours ago. Up about 20 pips now. I’ll let you know how it all turns out. Thanks!

          • Raul Lopez

            Good luck!

          • Robinson

            Hi Raul,
            Seems like the USDJPY is firming up a new support at 107.0 to continue on upwards. Currently waiting for it to break the 107.25 level to jump in with another lot. What do you think?

          • Raul Lopez

            Hello Robinson, why 107.25?

            I’m still holding my initial trade and will wait until I get a new signal to open a new trade!

            Good luck!

          • Robinson

            Hi Raul,
            There was short term range yesterday which would have been broken above the 107.25 level. However, I did noticed there is a bit of a strong trend resistance at about 107.4 so I moved my new entry beyond that point. I believe if it breaks that level, then it should be a smooth ride up. I might just wait for the new trading week to start before I enter another trade unless there is a very strong break.
            Thank you and have a great weekend!

          • Raul Lopez

            Ok, I see that you mean…

            I agree, the market is not going to move much for the remaining hours… I guess the best thing that we could do right now is to wait and dont trade until next monday…

            Thanks and you too have a great weekend!

    • Raul Lopez

      You are right, luckily I got an opportunity on the 15M chart… the USDJPY created a short term range I was able to trade…

  • Akparorue Eviano

    Raul, how can one determine a particular currency pair spread before trading it.

    • Raul Lopez

      Looking at your broker quotes…

  • Zaza

    I see what you mean about the EURUSD, I think so too.
    I am thinking of going short with the GBPAUD, it broke some important levels last week, it had a gap and closed it. I think it doing some correction. I will wait until it sell below 1.7334.
    What do you think?

    • Raul Lopez

      Short GBPAUD? I would recommend you to close that trade, it is trading in a bullish condition…

      • Zaza

        Thanks Raul I did not even get a chance to be in on it as I was waiting for it to sell below 1.7334. Its really good to wait and set a level of entry. I see most pairs have change the direction. So I am now waiting.

        • Raul Lopez

          Pending orders rule!

  • Pankaj Mehra

    its becoming one of the best trade of this year,no questions asked. im up 350 pips and still growing.

    • Raul Lopez

      Wow!!! What a trade you’ve got there…

      Congrats Pankaj!!!

      • Pankaj Mehra

        I was lucky this time.

        • Raul Lopez

          Congrats!

  • Waqas Khan

    thank u so much

    • Raul Lopez

      No problem Waqas!

  • Robinson

    Hi Raul,

    I was shorting the EURUSD and was up 200+ pips before getting stopped out a few hours ago. Thanks for your advice on that trade.

    I also traded the break of the USDJPY break and was up 40+ pips but got took my wins and got out before the market retraces to the 105.61 level. At that point I’ll be looking for trades too.
    What’s your take on the GBPUSD with all the politics flying about?

    • Raul Lopez

      Stopped out at a profit?

      Right now I wouldnt trade the GBPUSD… I’d like to see it settled down first… It gapped and is currently trading aroung an important level… I’d rather trade other currency pairs such as the USDJPY…

      Good luck!

      • Robinson

        Yes I had roughly a 200 pip profit out of that trade I got in a couple of weeks ago. I was up 250+ at one point so I secured 200 pips and I left 50 pips in the market for wiggle room in case that the pair would have continued down.

        I’m watching USDJPY to see what the next move is.
        Once again thank you.

        • Raul Lopez

          Wow! congrats for that trade! Keep up the hard work!

  • zamile

    Good day Sir, Thank you for confirming my analysis, I live in South Africa, and read your free book only last week. You have made it so simple and eye-opening when it comes to trading. USDJPY is exactly as you have analysed. What do you think of NZDUSD with the next level around 0.8051 based on weekly chart. Again Sir thank you very much

    • Raul Lopez

      Hello Zamile, the NZDUSD is definitely trading in a bearish condition, I’ll continue to look for short opportunities there as long as it keeps trading below 0.8276

      Good luck!

      • zamile

        Good day Raul
        Again I want to thank you for the light you have shared on your ebook, personally you have helped me a lot. On the 9th I asked your opinion on the NZDUSD with an important level at 0.8051. And the pair got to the level and on Tuesday 23/09 I was watching its next move whether it was going to bounce or break. Looks like it has broken and the pair will continue towards another level at 0,7692.I am still waiting for confirmation. Can you kindly please advise or share your opinion, Regards
        Zamile

        • Raul Lopez

          Yep, I agree Zamile, it looks like the NZDUSD already broke through that level and it is likely to continue its way down…

          Good luck!