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A Look at EURUSD through Best Practices

The aim of Best Practice Class (BP) is always to repeat, repeat and repeat Best Practices in Trading.

So let us take a look at EURUSD using the BP check list.

EURUSD

  • Up, Down, Flat?
  • What Strategy? BM, WRMB, H4T, H4R

Recent trend is down with no signs of an Uptrend. So bias is still Down.

Looking for Trend in a H4 Chart of EURUSD

Looking for Trend in a H4 Chart of EURUSD

  • Next locate the Trade Zone, Target Profit Zone & Danger Zones.
  • Determine where to enter based on 1234 & triggers
  • Write down the price of entry for your own benefit
  • Lastly, record down as your trade diary.
Different Zones and 1234 pattern in H4 on EURUSD

Different Zones and 1234 pattern in H4 on EURUSD

In addition, you might also want to take a look at the big picture to add another dimension to your analysis.

EURUSD - Big Picture Look on a Month Chart

EURUSD – Big Picture Look on a Month Chart

 

Next BP Class Schedule

The next Best Practice class will be the last for the year 2013. Call Cynthia to Register.

Date: 11th Dec 2013, 7pm to 10pm

We encourage all new graduates to attend BP class first to build a strong foundation in Best Practices of Trading. Don’t forget, we look for potential trades in all BP classes.

 

 

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4 thoughts on “A Look at EURUSD through Best Practices”

  1. Shao Guoyong says:

    Thank you Mr lee,
    Good to know,
    You’re back from Dengue.
    Sharing about Euro.

  2. Dexter Tan says:

    correct me if i am wrong; based on D1 20 Aug 2013 to 2 Dec 2013 I assumed bullish trend (I see the fall to 1.32932 sudden action because of ECB unexpected interest rates cut.) H4 shows me that the current market is bullish. A short opportunity will require me to be waiting for point 4 to be formed at 1.36451 or even 1.36602. Trigger will be when price close below 1.36196 in H4 and 1st safe TP around 1.34984. Cheers!

    1. Jerome Lee says:

      Dexter, disagree that there was a bullish trend on D1, doesn’t fit the required criteria. On H4, there is also no signs that market is very bullish. In fact looking at the H4 trend, you can see its down and current move would then be seen as a retracement.

      Ultimately for a good move down, price needs to close below the Support zone I highlighted above.

      1. Dexter Tan says:

        Thank you!

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