On this chart I have plotted the most recent FOMC and ECB Key Levels to give you an idea of where the Euro can and will go.
Every time we have a close, and/or a range expansion day emerging from these, we have a viable trade setup.
You can easily see how it can be a good idea to keep these levels in mind.
The monthly downtrend mode has been broken down today, and the day closed below the FOMC key levels, whilst the monthly range was expanded down, so after this month's close there's a possibility of resuming the monthly downtrend in the Euro, which would warrant seeing a massive decline towards parity or lower.
I'm short from 1.1156, with stops at 1.122, which sits above this double FOMC key level, AND a monthly mode, so odds of being stopped out are small.
If we're lucky we could get into a massive trade here. It's also a good idea to short EURCAD, since USDCAD is at a good level to retrace from.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Every time we have a close, and/or a range expansion day emerging from these, we have a viable trade setup.
You can easily see how it can be a good idea to keep these levels in mind.
The monthly downtrend mode has been broken down today, and the day closed below the FOMC key levels, whilst the monthly range was expanded down, so after this month's close there's a possibility of resuming the monthly downtrend in the Euro, which would warrant seeing a massive decline towards parity or lower.
I'm short from 1.1156, with stops at 1.122, which sits above this double FOMC key level, AND a monthly mode, so odds of being stopped out are small.
If we're lucky we could get into a massive trade here. It's also a good idea to short EURCAD, since USDCAD is at a good level to retrace from.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Comment:
The short trade was negated after we expanded the daily range. It's clear we have found support at the 2x FOMC level on the chart to the left. We can enter longs with stops under the recent swing low to be conservative. This makes me doubt the monthly decline, since we literally had to drop vertically to confirm it. So, EURUSD remains range bound.
Comment:
I'm flat for now, not clear 100% right now.
Comment:
Back under support, interesting down day, very strong decline.
Comment:
You can see how price reacted after holding at the 2x Key FOMC support level.
Comment:
These levels are extremely useful to navigate the Euro chart. We can expect a mild retracement before uptrend continuation here, let's see what happens next.
Trade active:
I wanted to buy slightly lower, but it seems like EURUSD is holding at the FOMC level that sits at 1.13093. We can enter longs here with a 1 atr stop loss or wait 2 more bars if more conservative.
Comment:
Entered EURUSD long now, stop loss is 1.115.
Comment:
If you monitor for a reaction against the key levels, you can get a very good trade for sure. See for yourself. Use 1 ATR stops each time.
