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Analysis of previous deals:
30M chart of the EUR/USD pair
The EUR/USD pair could not continue the downward correction, which began the day before, and returned to the level of 1.2174 by the end of the day. It could not settle above it again, but it also did not fall below the level of 1.2150 for the second time. And so the pair has made an important step towards the continuation of the upward trend, which is now clearly more likely to form, but at the same time we cannot help but take note that the correction after the upward movement at the end of last week is rather weak. However, the upward trend still persists, which is signaled by the upward trend line. Therefore, it is still recommended for novice traders to consider only buy signals from the MACD indicator. Only one of these has formed today. More precisely, two, but the first was formed at night, so we ignore it. The morning buy signal was very good, but ambiguous. It allowed beginners to buy the pair at the rate of 1.2143, that is, up to a strong candle, but at the same time, the pair rested on the level of 1.2150 when the signal was formed and the probability of a rebound from this level was high. Here one should either take a risk or not open a long position. In the first case, it would have been possible to get 25-30 points of profit, since the level 1.2174 was reached, and the price went up more than 30 points, which made it possible to close the deal at Take Profit.
5M chart of the EUR/USD pair
Now let's take a look at the 5 minute timeframe. Here the picture is more complex, and there are more signals. I would like to note right away that the 1.2137 level has lost its relevance even before the European trading session opened, so you shouldnt interpret it as a signal when the price crosses this level. The 1.2123 level was not on the chart at all today, since this level is Tuesday's low and can be used in trading tomorrow. Thus, the first buy signal was generated when the price crossed the 1.2150 level. The nearest level was too close, so a long position could be closed either manually, or upon a rebound from the level of 1.2174, or by Stop Loss set at breakeven. Three subsequent signals were similar to the first one: clear rebounds from important levels, or when the price clearly reaches the nearest levels, so it was possible to make money on the 5-minute timeframe today, but for this, novice traders should quickly understand that the levels 1.2150 and 1.2174 are strong. and trade based on the awareness of the fact that there is a flat between them. The buy and sell signals themselves were also strong and deserved to be worked out. In general, taking into account all of the above, we believe that it was possible to earn at least 20-25 points today.
Trading tips for Wednesday:
On Wednesday, novice traders still have a clear trend on the 30-minute timeframe, therefore, you should consider buy signals from the MACD indicator. This indicator is close to the zero level, but wait until it slightly drops so that it can form strong buy signals. Also, you can use a breakthrough of the levels 1.2150 and 1.2174 as signals, but similar signals will be generated at the lowest timeframe. It is recommended to trade from the levels 1.2123, 1.2150 and 1.2174 on the 5-minute timeframe. Take Profit, as before, is set at a distance of 30-40 points at 30M. Stop Loss - to breakeven when the price passes in the right direction by 15-20 points. The target at the 5M timeframe is the nearest level if it is not too close or too far away. If located - then you should act according to the situation. Recall that it is best to trade using the most accurate and clear signals, and ignore inaccurate ones. A very important inflation report will be published in America on Wednesday, which could provoke a violent reaction from traders. During its release, you should trade very carefully or not trade at all.
On the chart:
Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.
Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now.
Up/down arrows show where you should sell or buy after reaching or breaking through particular levels.
The MACD indicator (14,22,3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and trend lines).
Important announcements and economic reports that you can always find in the news calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommended trading as carefully as possible or exit the market in order to avoid a sharp price reversal.
Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
