DislikedI realise that this week may not be a good time to trade, but ignoring that, I see an opportunity to trade this pair long by placing an order at say 9020 with the stop at 8890, the plan being to take the ride up to the previous high at 9400. This level at around 9000 seems to be fairly important and worth trading a decent break of the line here. The trade would be in the direction of the trend of the Boss and BBoss.
Comments would be appreciated regarding the appropriateness of the analysis and ignoring the possible unsuitable time to trade.
Larry...Ignored
This is certainly one of the pairs I am watching and have been trading at various points in the last few months but for now I will be sitting on my hands!
As Strat has said many times, if it doesn't jump out at you, don't trade it. If any chart seems 'undecided' to you it is better to leave it. A clear move will come along somewhere and if you have to wait? well you haven't lost anything! Remember, the game here is NOT TO LOSE.
If you keep it simple, chose signals that 'jump out', and control your risk carefully, you will make gains which are profitable and the few losses which are inevitable will not wipe out those profits. Okay, you won't get enormously rich very quickly, but just a few hundred pips in the bank at the end of most months is profit which you wouldn't have had otherwise and is tremendously encouraging!!
The story of the tortoise and the hare could have been written for trading Forex!
At least that's my view!