Practical Example of EUR/USD currency pair Trade
Today was a good trading day for forex trading currency pairs, and I identified a winning long trade entry for EURUSD currency pair. This currency pair is considered to be one of the best currency pairs to trade. I have been following this pair for more than 36 hours. Here I want to mention that you should also consider the currency pair trading times to get optimal results.
Finally, yesterday, 14th April 2020, I managed to find an excellent entry. I actually entered this trade twice.
Here a great tip from my personal experience to all my readers; Usually, if I find a forex trade that makes sense to me, I stick to that trade for multiple entries.
My first entry to the EURUSD currency pair trade was 17:30 GMT+8, as shown below.
This was a nicely executed entry at the right price point with a tight stop loss, and it started performing right away. It achieved the target price point within 3-4 hours; Now you can better understand the currency pair trading times. I let the trade run because momentum was there, and there was more space for price appreciation.
Before it could reach the target price point, the price started pulling back that gave me another opportunity to enter the market again around 19:30 GMT+8, as shown in the image below. This trade started performing right away, as well.
Now its time to closely monitor the trades.
Conclusion:
Around 23:00 GMT+8, I exited both EUR/USD currency pair trades as it was time for me to hit the bed and read my book before I sleep. My entries were closed, making descent 48 PIPS for the first entry and 30 PIPS for the second entry, making a total of 78 PIPS as shown below.
That’s the power of identifying good trade setup and sticking to that trade for multiple entries. So, I choose EURUSD pair and do the EURUSD trend analysis.
Actually I prefer finding one good currency pair and sticking to the trading pair to re-enter the market again to maximize my profit.
Stay tuned: 14th April, 2020, I actually entered another forex pair (AUDCAD). There is an excellent lesson for the second trade I did, and I will be writing about it over the coming weekend. So stay tuned and look forward to that. Until next time. Stay safe and blessed. Happy trading.
