1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Signal Trader - EUR/USD Daily Outlook, Apr 6, 2011

Discussion in 'Forex Daily News & Outlook' started by SignalTrader, Apr 6, 2011.

  1. SignalTrader

    SignalTrader New Member

    Mar 8, 2011
    Likes Received:
    Technical Overview:
    Yesterday, we marked the area between 1.417 and 1.419 as a good area to enter long positions. There was a massive attempt yesterday by the bears, which was blocked at around 1.415, far enough from our stop loss. The bulls won that battle and the price soared toward 1.428. We are closing half of our long positions at the current level of 1.427. The target for the second half is at around 1.431. Stop loss for the rest of the position is placed at 1.424 to secure profits.
    The lower band of the upward channel, once again, supported the bullish trend. We are attaching a 30-minute chart, which shows exactly why the downward momentum was blocked at 1.415-1.416. Although the short term trend is still bullish, we are very cautious at these levels.



    Trading Idea:
    Best levels to enter LONG positions are only by breaking above 1.431. Target in such case should be 1.436 with a stop loss at 1.4265.
    SHORT positions should be taken by breaking below 1.424 with a stop loss at 1.429 and take profit at 1.4175.

    Analysis by Signal Trader – the leading solution for
    Automated Trading. Autotrade on Forex, Indices and Commodities.

    RISK WARNING: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.

Share This Page