Very new to trading here, but here is my very basic analysis of the EURUSD. If anyone can offer any feedback/criticisms on my analysis I would be most grateful for the input!
Summary of Analysis:
-On the daily chart price is above the MA200 and currently appears to be moving in a channel.
-Price looks to be approaching an area of support which it has tested recently on the 30th June and 1st July.
-I am anticipating that the price will approach and test the support area and I am hopeful that it will then be propelled upwards.
Things I am looking for:
-Keeping an eye on this chart before making a move. I am looking for some signs before entering into this position.
1. Looking for the price to move down and test the support area.
2. Once the price tests the support area, I will be looking for reversal signals in the charts to enter my position. Mainly, I will be keeping an eye out for one of 3 entry signals:
i) A doji candle in or around the support area, and my entry buy stop will be positioned for when the price breaks just above the doji candle; or
ii) A pin bar candle in or around the support area, and my entry buy stop will be position for when the price breaks just above the smaller upper wick of the pin bar; or
iii) An engulfing pattern and my entry will be taken at market if this pattern materialises.
Would be most grateful for any thoughts, ideas and feeback on my analysis and trade.
Many Thanks.
Summary of Analysis:
-On the daily chart price is above the MA200 and currently appears to be moving in a channel.
-Price looks to be approaching an area of support which it has tested recently on the 30th June and 1st July.
-I am anticipating that the price will approach and test the support area and I am hopeful that it will then be propelled upwards.
Things I am looking for:
-Keeping an eye on this chart before making a move. I am looking for some signs before entering into this position.
1. Looking for the price to move down and test the support area.
2. Once the price tests the support area, I will be looking for reversal signals in the charts to enter my position. Mainly, I will be keeping an eye out for one of 3 entry signals:
i) A doji candle in or around the support area, and my entry buy stop will be positioned for when the price breaks just above the doji candle; or
ii) A pin bar candle in or around the support area, and my entry buy stop will be position for when the price breaks just above the smaller upper wick of the pin bar; or
iii) An engulfing pattern and my entry will be taken at market if this pattern materialises.
Would be most grateful for any thoughts, ideas and feeback on my analysis and trade.
Many Thanks.