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EUR/USD Long for NEW YORK session

by Bradley B, June 2, 2021

EUR/USD H1 Technical

by Bradley Burnett June 2, 2021

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EUR/USD

|

Long

|

H1

Timeframe:

H1

Analysis Method:

Technical

Analysis:

EUR/USD has had a great bull run the last couple months. However, for the last two weeks bulls and bears have been holding their ground and we have been trading in a sideways channel on the higher time frames, 4hr, 1hr. Taking a position at historical demand at the bottom end of this side ways range. looking for move back towards top of the range or a break of the range to test new highs.

Trade Plan:

Entry @ 1.21683. Will use a 15 pip trailing stop once in the green.

Risk Management:

20 pip SL @ 1.2148

Things To Watch For:

Trading sideways markets are not my favorite trades, but I do think we have to trade the market we are given and adjust risk accordingly. Sense direction is not as clear as a trending market I’m trading with 60% of my normal position to help manage my risk. Also important to note that employment data for the US is coming out tomorrow and the Fed is going to be speaking on Friday. So if their is positive news for the US economy it could push the EUR/USD lower

LEAVE YOUR COMMENT HERE:

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    1. Went ahead and sold half of position for a 33 pip profit. Going to let the trailing stop do its job now for the second half of the position. Hopefully we see a great run here.

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