Sophia Todorova is the host of the live trading room for the London session. She has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens. To Trade Live with Sophia Join Winners Edge Trading Premium Services.
I missed an awesome trading opportunity to short the eurusd yesterday. This is because I somehow missed a very important resistance level on the weekly timeframe. I have taken this as a learning experience to be more thorough in my analysis of the currency pairs. The chart below notes the mentioned resistance at the 1.2990 level. This is where price tested the trendline resistance. Since I missed out on the first leg down, I am waiting for a retracement to test the 1.2960 level to short. I am unsure of how far the retracement will go, so I am going to be watching it on a 15-minute timeframe. The red horizontal line on the chart marks the level I am considering for a stop loss (1.3100), and the green line indicates my profit target (1.2700).
This will make it almost a 1:2 risk/reward ratio.
Thank you, and if you are interested in trading this with me, it is a good idea to follow me on twitter, since I am able to give quick updates there, and you will be able to get them instantly.
When trading always use a stop loss and calculate the proper risk management for your account. This analysis aims at providing assistance to the forex trading community here at Winners Edge Trading, thereby helping them to make informed trading decisions
Other useful blogs:
Forex Crunch: Indicators- 3 Reasons Why They Will Hurt Your Trading
The GeekKnows- Daily commentary on eurusd
One other free trading tool I recommend is Currensee . It can be a useful tool to be able to see how other professional traders are doing.
If you are interested in trading this with me, it is a good idea to follow me on twitter, since I am able to give quick updates there, and you will be able to get them instantly.
When trading always use a stop loss and calculate the proper risk management for your account. This analysis aims at providing assistance to the forex trading community here at Winners Edge Trading, thereby helping them to make informed trading decisions
You can have a look at my last post here: http://www.winnersedgetrading.com/which-trading-strategy-is-the-best-one/
Other useful blogs:
Forex Crunch: Boost Your Profits By Trading With Your Personality
The GeekKnows- Daily commentary on eurusd
