How to - Counter-trend trading [EUR/USD]
Hello traders,
The time has come for a new Weekly Trading Plan. We are still following on the development on the USD/CAD trading plan from last week, but it seems that it will take more time to unfold.
Today I want to change things a little bit by applying a little bit more riskier approach that can yield us some good profits. You will be able to learn how to use counter-trend trading in your advantage and what mistakes can be made.
Let me present you my counter-trend trading opportunity on the EUR/USD currency pair. You can check the video on Youtube with the full plan and below I am posting the economic events ahead of us for this week as well as the respective zones in numbers.
H4 Zone for Correction (Buy Zone): 1.1920 to 1.2070
Support Area: 1.1915 to 1.1850
H4 Correction Stoppage Area: 1.2075 to 1.2135
Economic Overview:
We have a pretty empty week on the economic calendar this time, but there are still a few reports worth mentioning.
Tuesday - 8th of May:
07:15 GMT (10:15 Bulgarian Time) - The new FED chairman Powell will speak at an SNB/IMF Event in Zurich
Always good to listen carefully to what he has to say as it might give you indications on the overall US economy.
Thursday - 10th of May
12:30 GMT (15:30 Bulgarian Time) - USD Consumer Price Index
Expected reading is 2.5% from a 2.4% previous. If there are no surprises I don’t expect this report to have a huge impact on the market or cause any strong volatility, but it is good to keep it in mind.
12:30 GMT (15:30 Bulgarian Time) - USD Consumer Price Index Ex Food and Energy
Another scheduled reports which reading is expected to come out close to the previous. Again I don’t expect huge impact or volatility unless there are any surprises.
Friday - 11th of May
14:00 GMT (17:00 Bulgarian Time) - USD U. Of Mich. Sentiment
Previous reading was 98.8 and the forecasted is 98.4. Here is a place where you can expect a different number from the forecasted, but I don’t expect this report to change the overall market condition. We might see a short uprising in volatility so keep it in mind.
This is from me for this week! I hope you manage to make some profits out of this plan.
I wish everyone an amazing and most importantly profitable week! :)
The time has come for a new Weekly Trading Plan. We are still following on the development on the USD/CAD trading plan from last week, but it seems that it will take more time to unfold.
Today I want to change things a little bit by applying a little bit more riskier approach that can yield us some good profits. You will be able to learn how to use counter-trend trading in your advantage and what mistakes can be made.
Let me present you my counter-trend trading opportunity on the EUR/USD currency pair. You can check the video on Youtube with the full plan and below I am posting the economic events ahead of us for this week as well as the respective zones in numbers.
H4 Zone for Correction (Buy Zone): 1.1920 to 1.2070
Support Area: 1.1915 to 1.1850
H4 Correction Stoppage Area: 1.2075 to 1.2135
Economic Overview:
We have a pretty empty week on the economic calendar this time, but there are still a few reports worth mentioning.
Tuesday - 8th of May:
07:15 GMT (10:15 Bulgarian Time) - The new FED chairman Powell will speak at an SNB/IMF Event in Zurich
Always good to listen carefully to what he has to say as it might give you indications on the overall US economy.
Thursday - 10th of May
12:30 GMT (15:30 Bulgarian Time) - USD Consumer Price Index
Expected reading is 2.5% from a 2.4% previous. If there are no surprises I don’t expect this report to have a huge impact on the market or cause any strong volatility, but it is good to keep it in mind.
12:30 GMT (15:30 Bulgarian Time) - USD Consumer Price Index Ex Food and Energy
Another scheduled reports which reading is expected to come out close to the previous. Again I don’t expect huge impact or volatility unless there are any surprises.
Friday - 11th of May
14:00 GMT (17:00 Bulgarian Time) - USD U. Of Mich. Sentiment
Previous reading was 98.8 and the forecasted is 98.4. Here is a place where you can expect a different number from the forecasted, but I don’t expect this report to change the overall market condition. We might see a short uprising in volatility so keep it in mind.
This is from me for this week! I hope you manage to make some profits out of this plan.
I wish everyone an amazing and most importantly profitable week! :)
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