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Forex Traiding

Simple guidelines for entering and exiting the market for novice traders. (analysis of yesterday’s forex transactions). Currency pairs

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Buy and sell levels of EURUSD on July 15. Analysis of yesterday’s deals on Forex Analysis of deals Yesterday the market changed direction, as a result the level of 1.1800 was tested, where I advised to buy euros. However, the chart clearly shows that at the time of the test, the MACD indicator was in the overbought area, so it was impossible to buy from this level. In this case, it was possible to look for a sell signal, but the case did not reach a downward movement, which caused losses on the deal. There were no other signals, as the EURUSD pair did not reach the next levels. Today’s Entry and Exit Recommendations Despite a disappointing report on industrial production in the eurozone, the euro continued to rise steadily as traders were skeptical about a speech from Fed Chairman Jerome Powell. Even before his speech in Congress, an approximate protocol of his speech was published and everything became clear to everyone – there is no need to expect changes in monetary policy. Today the first half of the day will be quite calm, as the data on the consumer price index in Italy is unlikely to lead to a surge in volatility, so the emphasis will be shifted to the afternoon and to the reports on the American labor market. Good performance will lead to a rise in the US dollar. The second day of speeches by the Fed chairman will be ignored by the markets, as the speech before the Senate Banking Committee will be identical to yesterday’s. Signal to buy Today, you can buy the euro when the price reaches 1.1838 (green line on the chart) with a target of growth to the level of 1.1876. At point 1.1876, I recommend exiting the market with a profit and selling the euro immediately in the opposite direction (expecting a movement of 10-15 points in the opposite direction from the level). It is possible to count on a large upward movement of the euro only on the basis of a newly formed trend; there will be no fundamental support in the first half of the day. Important! Before buying, make sure that the MACD indicator is above zero and just starting to rise from it. It is also possible to buy the euro today if the price reaches 1.1819 and 1.1773, but at this moment the MACD indicator should be in the oversold area, which will limit the downward potential of the pair and lead to a reverse market reversal upward. We can expect growth to the opposite level of 1.1838. Sell ​​signal You can sell the euro after reaching the level of 1.1819 (red line on the chart). The target will be the level of 1.1773, where I recommend leaving the market and buying the euro immediately in the opposite direction (expecting a movement of 10-15 points in the opposite direction from the level). The pressure on the euro will return in case of weak data on inflation in Italy and strong reports on the US labor market. Important! Before selling, make sure that the MACD indicator is below zero and just starting to decline from it. It is also possible to sell the euro today if the price reaches 1.1838 and 1.1876, but at this moment the MACD indicator should be in the overbought area, which will limit the upward potential of the pair and lead to a reverse market reversal downward. A decline to the opposite level of 1.1819 can be expected. What’s on the chart: The thin green line is the entry price at which you can buy a trading instrument. The thick green line is the estimated price where you can place Take profit or fix profits on your own, since further growth is unlikely above this level. The thin red line is the entry price at which the trading instrument can be sold. The thick red line is the estimated price where you can place Take profit or fix profits on your own, since further decline is unlikely below this level. MACD indicator. When entering the market, it is important to be guided by the overbought and oversold zones. Important. Novice forex traders need to be very careful when making decisions about entering the market. Before the release of important fundamental reports, it is best to stay out of the market in order to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the news release, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management, but trade large volumes. And remember that in order to trade successfully, you need to have a clear trading plan, like the one I presented above. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader. I recommend that you read: EURUSD and GBPUSD: the Fed chairman’s nerves of steel hurt the US dollar. The pound continues to storm EUR / USD: the plan for the European session on July 15. Commitment of Traders COT reports (analysis of yesterday’s deals). Bulls are returning positions and aiming at a breakout of 1.1838 GBP / USD: plan for the European session on July 15. Commitment of Traders COT reports (analysis of yesterday’s deals). The pound shows high volatility, but remains in the sideways channel. Buy and Sell levels of GBPUSD on July 15. Analysis of yesterday’s transactions on Forex Analysis of transactions For the pound yesterday, several signals were formed to enter the market. Let’s take a look at the graph. The first test of the 1.3835 level took place at a time when the MACD indicator had already moved away from the zero mark quite a lot and went up. Therefore, it was difficult to enter purchases against the downtrend formed the day before. But, if you bought a pound, you could make good money. But in the second half of the day there was just an excellent signal to sell the pound from the level of 1.3886, where at the time of the update the MACD indicator was in the overbought area, which led to such a significant downward correction of the pair. Today’s Entry and Exit Recommendations UK inflation data led to strong gains in the pound yesterday. The indicator exceeded the forecast of economists. The speech of the Chairman of the Board of Governors Jerome Powell on the prospects for the American economy did not help the pound to continue its growth. Today, the focus will be shifted to the data on the unemployment rate in the UK, which is coming out in the morning. Good performance will bring demand for the pound back. During the American session, a report on the US labor market will be released. Good performance, on the contrary, will lead to the strengthening of the US dollar. The second day of speeches by the Fed chairman will be ignored by the markets, as the speech before the Senate Banking Committee will be identical to yesterday’s. Buy signal You can buy the pound today when it reaches the entry point in the area of ​​1.3847 (green line on the chart) with the aim of rising to the level of 1.3890 (thicker green line on the chart). In the area of ​​1.3890, I recommend exiting purchases and opening sales in the opposite direction (expecting a movement of 15-20 points in the opposite direction from the level). We can count on further growth of the pound only after good data on the growth of the UK labor market. Important! Before buying, make sure that the MACD indicator is above zero and just starting to rise from it. It is also possible to buy the pound today if the price reaches 1.3825 and 1.3780, but at this moment the MACD indicator should be in the oversold area, which will limit the downward potential of the pair and lead to a reverse market reversal upward. We can expect growth to the opposite level of 1.3847. Selling signal Selling the pound today is possible only after the level of 1.3825 (red line on the chart) has been updated, which will lead to a rapid decline in the pair. The key target of the sellers will be the level of 1.3780, where I recommend exiting the sales, as well as immediately opening purchases in the opposite direction (counting on a movement of 15-20 points in the opposite direction from the level). Pressure on the pound will return in case of weak data on the unemployment rate. Important! Before selling, make sure that the MACD indicator is below zero and just starting to decline from it. It is also possible to sell the pound today if the price reaches 1.3847 and 1.3890, but at this moment the MACD indicator should be in the overbought area, which will limit the upward potential of the pair and lead to a reverse market reversal downward. A decline to the opposite level 1.3825 can be expected. What’s on the chart: The thin green line is the entry price at which you can buy a trading instrument. The thick green line is the estimated price where you can place Take profit or fix profits on your own, since further growth is unlikely above this level. The thin red line is the entry price at which the trading instrument can be sold. The thick red line is the estimated price where you can place Take profit or fix profits on your own, since further decline is unlikely below this level. MACD indicator. When entering the market, it is important to be guided by the overbought and oversold zones. Important. Novice forex traders need to be very careful in making decisions about entering the market. Before the release of important fundamental reports, it is best to stay out of the market in order to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the news release, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management, but trade large volumes. And remember that in order to trade successfully, you need to have a clear trading plan, like the one I presented above. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader. – Source: InstaForex

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