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Trade the EURUSD in the Direction of the Daily Trend

Trade the EURUSD in the Direction of the Daily Trend

Richard Krivo, Trading Instructor

Instructor's Response:

You have done a nice job analyzing the 1 hour chart on this EURUSD pair.

That being said, the trades with the greater likelihood of success will be those that are in the direction of the trend on the Daily chart. For this pair, the uptrend is still in place.

So, waiting for the pair to trade down to the bottom of the descending trading channel the you have in place and, if price action does not close below it, a long position at that point would be the higher probability trade.  Or, should the pair continue to trade up and close above  the upper channel line, along position could be taken at that point.  In either scenario, we want to be looking for opportunities to trade in the direction of the Daily trend.

chart 11 30 09

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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