I took a look at the EURUSD chart in a daily time frame and its presently in a ranging market, seeing that neither buyers or sellers have been able to push it past its support at 1.07841 and its resistance at 1.10028 since its previous downtrend. I believe the market is in an accumulation phase.
After drawing obvious support and resistance areas on a 4hr time frame, I brought in my 50 period moving average and an ADX. I plan to trade this market on a 1hr time frame using these two indicators to check for good entry points. My strategy is enter a short position when price crosses below my 50 period MA breaking any of my support levels, if ADX is above 20 and showing signs of its strength increasing. And i'll enter a long position when price crosses above my MA breaking any obvious resistance levels. I'll also be checking for the same readings on the ADX.
Keep in mind that I started trading the market about a month ago so i wouldn't rely on myself for any pro tips. But there you have it my analysis on EURUSD. I'd love it if anyone would take time to have a look at this, and please leave a comment or a review. I am open to suggestions from professionals and learners as well, I would love to get tips from you.
After drawing obvious support and resistance areas on a 4hr time frame, I brought in my 50 period moving average and an ADX. I plan to trade this market on a 1hr time frame using these two indicators to check for good entry points. My strategy is enter a short position when price crosses below my 50 period MA breaking any of my support levels, if ADX is above 20 and showing signs of its strength increasing. And i'll enter a long position when price crosses above my MA breaking any obvious resistance levels. I'll also be checking for the same readings on the ADX.
Keep in mind that I started trading the market about a month ago so i wouldn't rely on myself for any pro tips. But there you have it my analysis on EURUSD. I'd love it if anyone would take time to have a look at this, and please leave a comment or a review. I am open to suggestions from professionals and learners as well, I would love to get tips from you.