As it turned out, today was an interesting day with a couple of good MTFM trades available to anyone watching out for them.
The story today was of the JPY strengthening and the USD weakening.
As I mentioned before, the USD has run into resistance against EUR, GBP and AUD, although the weekly highs against the last 2 were broken, EUR held.
Today EUR and GBP were fairly well placed to benefit from the USD weakening.
This morning there were MTFM set-ups on the 4 hour chart for EURUSD and GBPUSD long. By the way, when you get the same set-ups at about the same time on both of these pairs in the same direction either for or against the USD, it is a good sign.
After the set-up there were some long entries on the 15 minute chart for EURUSD:
The first entry is still open and already gave a maximum of 82 pips for a risk of about 11 pips, almost 8 to 1 reward to risk. The later entries were not so good although one of them produced a good reward ratio, but all would be stopped out now.
As a general rule, it is good to enter before the price reaches the wick of yesterday's candle if yesterday's direction is contrary to the direction you are trading in today.
Looking at GBPUSD, it is the same story as EURUSD:
Hope some of you have some EURUSD long left that you are holding onto. This is so far a second inside week inside a support zone, it is quite possible it could run up for another 200 or 300 pips or even more. Remember you only need one big winner every now and again, even if you take bread and butter partial profits.
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