6/23 Analysis: +57 Pips Breakout EUR/USD ENTRY
At the NY open, we clearly have a strong USD (blue line) and a weak EUR (pink line) but we don’t see the steep lines on the far right indicating current momentum that would trigger an immediate entry.
What you can do in these situations is set pending stop orders 10 pips above or below the current price to take advantage of a breakout if it materializes. If it doesn’t, you’ll never enter the market and won’t risk anything.
- EUR/USD SELL
So if you would place your entry order 10 pips below the open price, it would have triggered where I labeled BREAKOUT ENTRY and the momentum drove price down 57 pips from that point.
Watch the video analysis here:
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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