Trade Set-Ups in EUR/USD & USD/CAD
Planning Your Trades Is Critical
Good morning traders.
For the last several days (in the client portal), I have been carefully laying out what I had expected to be the path for prices in both EUR/USD and USD/CAD.
Below is a review of that path.
May 10th – looking for a pull-back towards 1.1900-1.1920’ish…opportunity to build longs
May 14th – raise stops to 1.1940-1.1950 – ability top book a modest profit
May 14th – looking for a pull-back towards 1.1929-1.1888…..that has now unfolded
May 10th – looking for a modest move lower towards 1.2810-1.2756…resulted in a 60-70 pip move lower
May 11th – “Looking for a rally towards 1.2831-1.2895….a good level to start building shorts.”
May 15th – prices now testing that forecast Fib Resistance Zone (FRZ)
The above points are not meant as a ‘hey look at how good Aspen is”, it is meant to illustrate how a very measured and patient approach to analyzing and trading the FX markets can yield results a good portion of the time.
While it is very tempting buy/sell into these levels, often times the market may not see it your way. A better and more pragmatic approach is to see IF prices respect these levels, reverse from them and then decide if it makes sense.
Patience is a virtue as well as a great way to deploy your trading capital effectively.
Have a question for me? Just ask.