EUR/USD Trade Opportunity 07.08.10

Posted by Fetor 10 Comments

EUR/USD is at critical resistance levels providing us with a trade opportunity short. In this video I explain the option and why and how to read it. If the trade fails there are clear points of exit to manage risk in addition to reverse direction options upon failure. If you have questions or comments leave them in the space below.

Rob J

Hey Fetor, thanks for the video, I’m in short also, I placed my stop at 1.2723, just above resistance, does that sound about right.

http://www.forex4noobs.com/blogfet/ Fetor

Rob,

Yes, that stop placement would be the lowest reasonable risk point. Hopefully this will pan out a good trade. So far it is looking good.

-Fetor

MiG

Very nice video analysis and right before the trade happens. This is going to be very instructive!

Thanks a lot and looking forward for the outcome.

I spotted the channel as well and I was waiting (still waiting) for a good point to enter (confirmation).

Thanks again,
MiG
mcjackson

Thanks for the vid Fetor, quality as usual. What platform are you using? I’m asking because your charts are really clean, easier to look than most I’ve come across.

http://www.forex4noobs.com/blogfet/ Fetor

mcjackson,

I’m using Dealbook 360 which is GFTs platform.

janson

Thanks for the vid, Fetor. Got in today when London opened and tested previous days high. Now I took first profit at TL at .2670 and moved my SL just above todays high.
I will scale out futher at .2610, .2560 and let 10% of the position for a runner.
janson

Fortgot to write: If we are lucky we’ll get a reversal bar on the daily which is a good sign to hold the trade a bit longer than usual in my opinion.
http://invest5dollars.blogspot.com/ Willy

Great Daily Chart analysis. I was also short from 2696 and then again at 2687 Break out to the lower side. I closed all my trades before US close. I didnt want a possible Gap to the Up side. But if we do Have a gap Up, I’ll be there again to Short heavy til 2608 2569 for now. Great Website. I’ll bm
Roberto

Fetor, thanks for the videos. I am very happy that I came to the same conclusion (go short). I would like to know how do you found 1.2688, 1.2610, 1.2556 and 1.2388 lines.
I watched the videos but I am struggle in understand some words in English, so if you write, I understand better.
Roberto.

http://www.forex4noobs.com/blogfet/ Fetor

Roberto,

2688 is off a bit, but was originally drawn from the top of H1/H4 price point, if you go back you can see it. But you can take this line out as it will most likely not really come into play in the near future.

2556 is at near term support on H1

2388 is off of previous resistance on H1/H4

-Fetor