Free Profitable Forex Newsletter
Hey! This is Philip with this week's trade idea of the Free Profitable Forex Newsletter!
Potential for tactical EURCHF long
EURCHF has broken out of a bearish channel on the daily chart recently and has slowly started to move up.
There are risks to the trade this week, however, with the ECB meeting and EU PMIs on Thursday.
However, those can turn out positive for the pair (particularly if the PMIs rebound and are better than expected, although that is not very likely) in which case EURCHF would be supported higher with the 1.1400 level being the first important technical level.
- Look to enter around current levels (1.1328), but preferably closer to the support trendline and the 1.1300 level.
Stop loss:
- Below 1.1300. This level could be penetrated, but it's important that EURCHF doesn't close below it on the daily chart. Any attempts at 1.1300 should preferably be quickly rejected even on intraday charts such as the 1-hour timeframe.
Target:
Trade signals from the past week
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- January 17, 2019 – Short NZDJPY from 73.50, stop triggered at 74.10 =-60 pips (featured in full newsletter)
-
January 17, 2019 – Short CADJPY from 81.85, stop triggered at 82.30 =-45 pips (featured in full newsletter)
TOTAL: -105 pips in the past week
TOTAL: +623 pips profit since the beginning of October
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