Profit Taken On EUR/USD Long, Next Target Could Be 1.1620

EUR/USD

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: Profit taken on EUR/USD long at 1.1520, earned: 170 pips, $320 per $10,000 in your account. The August 15 hammer candle warned of a direction change. We used that opportunity to open a long position. Subsequent climb in price has removed the 30-day MA lower Bolli and 10-day MA lines. We think that the upward move may be continued with the next target at 1.1628, August 8 high. We will consider buying on dips.

GBP/USD

Trading strategy: Buy

Open: 1.2835

Target: -

Stop-loss: 1.2700

Recommended size: 1.48 mini lots per $10,000 in your account

Short analysis: The GBP/USD cleared above the 10-day MA. We think a run up to the 21-day MA 1.2933, is possible now. Bid placed at 1.2835.

USD/JPY

Trading strategy: Short

Open: 111.40

Target: 109.40

Stop-loss: 110.70 (lowered from 112.40)

Recommended size: 1.66 mini lots per $10,000 in your account

Short analysis: Weekly charts still heavily bearish so daily upticks could provide better sell levels. We have locked in small profit at 110.70.

USD/CAD

Trading strategy: Short

Open: 1.3065

Target: 1.2845

Stop-loss: 1.3175

Recommended size: 1.78 mini lots per $10,000 in your account

Short analysis: We opened USD/CAD short at 1.3065, in line with our trading strategy. USD/CAD consolidating below daily cloud base (1.3058) finds support 1.3015 just above August 9's 1.3001 low. A close below the daily cloud adds to bearish momentum. Below August 9 low puts 200-day MA support by 1.2836 in sharper focus. 

AUD/USD

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: Bounce from Aug 15 low extends. The pair is now above 14-day exponential moving average, which is another bullish signal. But the recent upward move does not change long-term bearish trend. We stand aside.

EUR/GBP

Trading strategy: Long

Open: 0.8935

Target: 0.9050

Stop-loss: 0.8935 (raised from 0.8880)

Recommended size: 2.15 mini lots per $10,000 in your account

Short analysis: Constructive daily action just stalling ahead of upper 30-day MA Bolli, 0.9009. Stocks look a little rich but increased positive momentum. Long upper wick on today’s candlestick increases the risk of a trend change. That is why we have raised our trailing stop-loss to the entry point.

(Click on image to enlarge)

Trading ideas by MyFXspot.com