Greetings and good morning to all of my respected forum mates and visitors from different countries around the world. Hoping that everyone is fine and enjoy your time in Forex trading. I know most of us are not happy with the forum’s recent performance but I think the authority will take corrective action to solve this circumstance. Yesterday, I made a $16 profit from Crude oil and EURJPY. My running trades in USDMXN also reached a $15 profit, but I didn’t close it manually. Now it bounced back again and running with losses. Gold went to test the 1745 level several times but failed to break it. Silver went to test the 25.20 level and then bounce back again. The USD index is the principal reason behind this. The USD index becomes so weak in the recent few days. There has no valid reason behind this but it’s moving abnormally in recent days. I don’t think that the USD index will try to test the 92.0 level by this weave. Let’s see what will happen today.
Trading history and status:
Yesterday, I closed my EURUSDweek trade with a $0.50 loss. Then I opened a sell trade in EURJPY and closed with a $3 profit only to place a buy entry in Crude oil. I closed that trade with a $13 profit. I closed it too early and missed another $10 profit. After that, I opened this running USDMXN trade with a $.43 lot size.
Scheduled news for today:
There has a piece of high-affected news on the USD index today. Federal Chair Mr. Powell will speak today. It will make the USD index more unstable for sure. So, check the enclosed scheduled news for trading and prepare your trading plan accordingly.
Update of my running trades in USDMXN:
USDMXN becomes one of my favorite currency pairs in the recent few months. I feel safe to trade on this currency pair and my analysis works perfectly here. I have placed some buy trades in USDMXN pair now. It went to $15 profit in the morning but I didn’t close it because I want more profit from that trade. Look at the D1 time frame chart below. The market is testing Fibonacci 23.6 level and it will bounce back from this level many times. So it’s perfect for a buy entry.
Check the USDMXN pair with the M30 time frame, It shows a bullish trend with 5SMA. 5SMA and 20SMA crossed but it won’t last long. The trend will try to test the 200SMA by this weave when the Federal Chair Mr. Powell will speak. Hold your trade till this level.
Analysis and forecast on EURJPY:
EURJPY is perfect for selling now. The market is testing the 100.0 Fibonacci level. It is strong resistance and the market won’t break this resistance so quickly. It’s the perfect time to place a sell entry in EURJPY to ensure some good profit. EURJPY will try to test the 129.50 level by this weave for sure. So, wait for the potential selling opportunity in EURJPY. Set your TP at the 129.50 level and set your SL at the 131.0 level.
What do you think about those running trades and analysis mates? Please share your analysis with us so that we can learn from your valuable and informative analysis mates. Hope for the best and keep me in your prayer mates. Wish you all the best and good luck with your trading mates. Stay at home and stay safe from the pandemic COVID-19 disease.