Looking to short the pair.

EURUSD intraday bias. Judging from from the monthly pivots, bears sold at the monthly M3 which i also lined up with resistance, and our target to monthly M1. I believe the pair will continue to fall as dollar strengthens, So am looking for an opportunity to short.

My trade plan is to wait for the pair to retrace back to my to one of my resistance highlighted in yellow, with confirmations sign then i will short the pair.

One thought on “EURUSD short 15/02/2017”

  1. Ryan Gandalf van Jaarsveld says:

    Dear Mokhine

    Thank you for your trade plan. Here is some feedback as discussed in class this morning.

    1. An easier way to capture your charts is to right click on the chart and select save as picture. A screen will pop up with the Active workspace and post image online radio buttons selected – un-check both these options and just select active chart (as is). Once you click OK you will be able to save the chart on your computer. I recommend setting up a folder where you save all your trade plans under a sub folder for each pair so for example – c:/tradeplans/EURUSD
    2. Make the title of your trade plan for specific – if you are selling EURUSD then maybe a title like EURUSD Short with today’s date. This will help people visiting the site know what your trade plan is all about before opening it.
    3. I notice that you have not shown your daily chart. Ideally the structure for your trade plans should be analysis on daily, H4 and H1. Daily allows you to see a bigger picture which you then zoom in on with your H4 and H1 charts.
    4. When you add the description for your charts specify the chart more clearly so EURUSD Daily or EURUSD H4 or EURUSD H1
    5. I notice that you are using monthly pivot points on your H4 chart and weekly on your H1. I suggest using monthly pivot points on your daily, weekly pivot points on your H4 and daily pivot points on your H1. Use monthly confluence on your H4 and monthly and weekly confluence on your H1. Remember that confluence helps you identify pivot support and resistance clusters.
    6. I notice that you are not using the round number indicator shared with the group – psych levels and mid-point psych levels are a very powerful tool when it comes to support and resistance – using the indicator that automatically draws these on your chart will ensure you are always paying attention to them.
    7. I notice that you are only using the 200 EMA – I suggest adding the 21 and 55 for market and the 5 and 8 for price. I also suggest adding the stochastic which you can then use in conjunction with your 5 and 8 to identify overbought and oversold levels for price. This is provided in the templates I have shared with the group – if you need them please let me know.
    8. When writing your trade plan I suggest using the same structure every time – this will ensure your trade plans are succinct. The structure we teach is:
    8.1. What is the market doing, what is price doing, what is the target as per pivot point theory, where have you identified support and resistance and what is your plan of action. When you start on the daily chart you would identify the target for the month – you have done this on this pair – M3 to M1. You would then be looking for opportunities to sell on H4 and H1 to get us to that target by selling at levels of resistance (due to you being a bear). It is always advisable to identify two or three levels for selling when you are a bear and two or three levels for buying when you are a bull. Once you have identified this on the daily chart move down to your H4 chart and identify where the support and resistance levels are that you identified on your daily chart while seeing if there is confluence with your weekly pivot points. If you identify further resistance on H4 then mention it. You then move down to H1 and do the same. Pivot point clusters that coincide with psych levels, fib levels and further support and resistance are definitely areas you want to pay attention to – you want to make sure as many people see your support and resistance as possible. Support and resistance works because other traders see them and therefore trade them.
    8.2. To make things even clearer for you maybe consider having a different colour for support and resistance. The moment either is broken and support becomes resistance or resistance becomes support then change the colour accordingly. This makes it easy for your eye to see what’s going on. Make things stand out so you are forced to pay attention to them.

    Looking forward to seeing further trade plans from you incorporating the feedback mentioned above. If you need any further assistance just let me know.

    As always, dedicated to your success.

    Ryan Gandalf
    Coach MetaTraders.com
    Analyst Forex.Today
    e-mail: [email protected]
    Skype: Ryan.Gandalf

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