We last posted on the EURUSD on March 24th when price was firmly in consolidation.
There has been no change on this since then with price still trading sideways between the drawn in support and resistance levels that define the high and low of this range.
Overall, our bias is still very much bullish with price trading above the daily 200SMA and the round number 1.2000. We also have a long position running on this currency pair from the break out when price closed above 1.2000 in January.
We are looking to compound into this position and that will be on the next bullish breakout at the earliest.
Until then, we will be applying patience and standing aside.
The temptation will be to then move down to lower timeframes and take intraday trades. It is an option but it carries more risk. The lower the time frame you go, the more random the price movement becomes and the the weaker your edge, if any, becomes.
Trading on larger timeframes means price, to a certain extent, becomes predictable as patterns, based on historical prices, are far easier to identify. Markets can sustain a direction for weeks, months or even years either up, down or sideways. The challenge is applying patience when needed which most fail to understand.
No trade is still a trade. This is where protecting your capital his priority.
This stance will be rewarded with breakouts and compounds and far simpler profits.
Patience for now on the EURUSD.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
There has been no change on this since then with price still trading sideways between the drawn in support and resistance levels that define the high and low of this range.
Overall, our bias is still very much bullish with price trading above the daily 200SMA and the round number 1.2000. We also have a long position running on this currency pair from the break out when price closed above 1.2000 in January.
We are looking to compound into this position and that will be on the next bullish breakout at the earliest.
Until then, we will be applying patience and standing aside.
The temptation will be to then move down to lower timeframes and take intraday trades. It is an option but it carries more risk. The lower the time frame you go, the more random the price movement becomes and the the weaker your edge, if any, becomes.
Trading on larger timeframes means price, to a certain extent, becomes predictable as patterns, based on historical prices, are far easier to identify. Markets can sustain a direction for weeks, months or even years either up, down or sideways. The challenge is applying patience when needed which most fail to understand.
No trade is still a trade. This is where protecting your capital his priority.
This stance will be rewarded with breakouts and compounds and far simpler profits.
Patience for now on the EURUSD.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading