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17.01.202010:36 Forex Analysis & Reviews: Trader's Diary: EURUSD on 01/17/2020, Market condition

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Correct assessment of market conditions is the key to successful trading.

The truth is, if you trade a trend system in a long range, then "you will not collect bones" as they say it. Similarly, if you try to trade a counter-trend model on a strong trend, the trader will face big problems.

EURUSD:

On the daily chart above, the upper level of 1.1240 is clearly visible that half the trading day remains today so that the level becomes a full weekly one.

So, we have a range. That means, we trade a retraceable, counter-trending model with essentially any parameters as long as there is no trend, then this will work. Simply put this way, we sell from above, we buy from below.

Important: What will be a signal for a change in market conditions?

Key points: Top 1.1240, Bottom 1.09990.

(Why is the bottom not 1.1085? Because 1.1085 is the only daily level. Sales on the breakdown of 1.1085 are quite possible, but leaving the range is below 1.0999).

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