Fresh new contest for TGF members. POST and WIN here: Valentine's day contest
Advertise your business on TGF.
Want to start trading forex and make $1000 monthly..
♥♡♥Join our forex signal group and get....
Join us and receive 2 to 4 high accurate signals daily via telegram channel...
Statements from two ECB officials put some downwards pressure on the euro. Both Villeory and Constâncio voiced concerns over the euro’s rally, saying that it’s a source of uncertainty given that this movement goes against the fundamentals. Constâncio added that the ECB’s monetary policy could remain loose for the long term.
The upswing to 1.2288 was brought about by the Bank of Canada. The central bank increased its key rate by 25 base points to 1.25%. Governor Steven Poloz said that the banks decisions depend on current economic decisions. After this news, the euro slipped to 1.2165 (-123 pips).
Fig 1. EURUSD hourly chart. Source: TradingView
The main target was reached very quickly. The pair dropped without hindrance to 1.2196, followed by an upwards rebound to 1.2288 and the beginning of a head & shoulders model. I don’t think this model will complete its formation today though, as I’m not expecting the price to reverse once the neckline is broken through. In Asia, the euro is trading above 1.22. The range of 1.2188 – 1.2195 that I’ve highlighted has already lost its relevance.
So, what can we expect today?
Hourly cycles are signalling a continued decline for the euro. The daily candlestick for 17/01/18 is also suggestive of a declining euro. Moreover, it has both a long body and wick. The euro’s decline stopped at the 90th degree despite the reversal zone being between the 112th and 135th degrees.
The trend line extended from 1.2323 runs through 1.2248, where the 67th degree currently sits. My forecast is expecting a drop to the 45th degree, but we could see the trend line being tested. How can one enter the market given the current situation? To keep risk to a minimum, I’d look at selling from the 45thand 67th degrees with a stop level above 1.2300, so that the overall risk doesn’t exceed your calculated risk. You could place a stop level above 1.2323, but by increasing the stop, the lot will decrease. The likelihood of the stop will decrease, but so will the level of profit should there be a positive outcome.
It is natural for forex traders to have some kind of positive expectations when it comes to successful trading systems. What these expectations refer to is that the systems that are successful are sure to make money sooner or later. Yes, it’s not possible to make money while trading all the time. Occasionally, you may have to deal with a loss. This is something every forex trader must understand and learn to cope with. The whole idea is to keep trading with an understanding that you will make money in the long run and there are no shortcuts involved in this process! This is where the nuances of forex money management come into the picture.
Successful and proven forex money management tips help you trade through tough times that you may face regularly while trading. There are a number of books involving complicated mathematical analysis that have been written on this subject. However, you need to understand that money management tips and tricks can also be simple. A complete trading plan is what you need to have a successful trade. What this plan will suggest you is suggest an entry point and an exit point while trading. Though these plans it is possible to manage your money wisely, Top 10 Forex Money Management Tips that Actually Works .
what tips have you helped to become better as a trader?
Hi guys. Speaking of Forex trading BROKER,
I am currently using a very interesting free service that I highly recommend.
I do not usually sponsor other sites, but in this case, I think it's beneficial to do it.
Since I became a premium member of the www.sharingtrading.com community, I have received many free trading services like trading signals, technical analysis, strategies, training with a coach, video courses, indicators, including that of a simulation tool for testing the broker accuracy.
In fact, this last is provide by www.endoftrade.com (which is another site), but sharingtrading sends you codes to get a month of free subscription with it it allows you to simulate your trades just closed and see if the number of pip won or lost was correct.If you are interested in the offer, take a look at this link: http://sharingtrading.com/best/brokers/