How You Can Improve Your EUR/USD Currency Trading Technique?

somrat4030

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Inside A Forex Forum You Will Get All Currency Trading Related Tips And Tactics.​


Forex Forum currency trading tips

The United States of America and the European Union, as an entity encompassing the economies of all of its member countries, represent the worlds two biggest economies. Bearing that in mind and even leaving speculative trading aside, it is quite logical that the euro and the US dollar are the two most traded currencies, given their status of major reserve currencies and their countries influence on the international trade scene.

As a result, the EUR/USD cross is the most widely traded and liquid pair in the Forex market and accounts for 24.1% of the total turnover as of April 2013, according to the Bank for International Settlements.

3 ways of trading EUR/USD​


There are several approaches to trading, and each trader chooses their style. Some use only one way, practiced and polished, while others blend in several trading methods, I would single out three ways of trading EUR/USD (these methods will also suit other major currency pairs):

Trading by fundamental analysis: trades are made based on the analysis of fundamental information. This may be short-term news trading or long-term trading based on the changes in the interest rates.

Trading by tech analysis: trades are made based on the analysis of the chart of the currency pair.

Trading by indicators: your trading is determined by the signals of your preferred indicators. You may use just a complex one or a system that includes several indicators.

Forex Forum currency trading tips

Here are some tips, how you can improve your EUR/USD trading Skill:​


1. Plan How You Will Trade
You may have heard the adage, "if you fail to plan, you plan to fail." This is particularly true in Forex speculation.

Successful traders start with a sound strategy and they stick to it at all times.

2. Timing
Once you have a solid understanding of how EUR/USD market forces interact, you need to turn to strategy. 5-minute, 30-minute, weekly and all-time charts can prove useful, but it is equally important to know when to trade.

Part of the appeal of Forex trading is that you can buy and sell 24 hours a day. While this is true, it does not mean that you should. Instead, you want to trade when the EUR/USD pair is active, with lots of volume and volatility.

3. Decide how long you plan to stay in a position.
Based on your currency pair selection, plan how long you want to hold your positions: minutes, hours, or days. Remember that depending on your account type, having open positions at 5:00pm Eastern Time may incur rollover charges.

4. ideal window
So when is the best time to trade EUR/USD options, futures and other instruments?

The ideal time is from 14:00 to 17:00. During this three-hour window, both London and New York are open. The volume of both markets in Exness forex means that spreads are usually tightest during this window. Also of interest is trading from 8am to 11am when the European exchanges open.

5. Market Analysis
forum.fo Market Analysis provides breaking currency news and in-depth analysis where the currency market is, where it's going, and why it's going there. You can access detailed market commentary and trading strategies from experienced Forex traders.

Conditions to buy the EURUSD:​

1. Consolidation (sideways trend).

2. Price tests the channel's upper border and rolls back.

3. Price retests the upper level after 2-5 bars and closes above the upper border of the consolidation range.

4. Enter a long at the breakout level or at the level of the breakout bar's close.

Conditions to sell the EURUSD:​

1. Consolidation.

2. Price tests the lower border of the channel and rolls back.

3. Price retests the lower level after 2-5 bars and closes below the lower border of the consolidation range.

4. Enter a short at the breakout level or at the level of the breakout bar's close.


EURUSD Day Trading Strategies
I like to day trade the EURUSD (or GBPUSD) using a 1-minute chart. While tracking all these 1-minute price bars is a little overwhelming at the beginning, it shows greater detail of the price movements than a 5-minute chart, for example. Some people say the 1-minute chart is too busy or "volatile." It may seem busy at first, but is it no more volatile than any other time frame. The price is moving the same amount regardless of what time frame we watch.

Closing thoughts
The EUR/USD currency pair is rather young; its trading life has just started. Regardless of its "young age", the pair has easily become number one in terms of trade volume in Forex. Thanks to superb liquidity, availability, and a small spread, the pair enjoys legitimate popularity among traders. To get started, choose your trading method and practice on a demo account, then switch o a small real one.

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I am trading EURUSD use scalper robot for free, the robot work-based hedging and martingale, target scalping often hit, and when ea work martingale, I just monitoring, if likely the trend farther away to against position, I close cut loss manually, EURUSD is good for scalping trader.
 
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