6/15 Analysis: 2 Breakout Trades On London Open
Right at the start of the London open, you can see the EUR (pink line) is the strongest currency and getting stronger with a steep line up indicating current momentum in the market. The USD (blue line) is the weakest currency and getting weaker with a steep line down.
Also note the JPY (yellow line) is weak and getting weaker with a steep line heading down.
- EUR/USD BUY
This move was 33 pips from the start of the London market when we identified the momentum in the USD and EUR currencies.
Now, we had also identified the JPY (yellow line) as being weak with a steep line down indicating momentum. So let’s look at another trade possibility.
- EUR/JPY BUY
This move was over 50 pips because it’s a pair that is generally more volatile.
Watch the entire video where I’ll show you how to avoid a bad trading condition on the 2nd most poplar pair among amateur traders:
You can see that our Currency Strength Indicator is an effective tool for picking out the highest probability, lowest risk trade set ups while avoiding market conditions that aren’t favorable. If you keep using this tool every day along with our daily Forex analysis, you will increase your win rate and be on your way to becoming a profitable trader long term.
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