empty
07.02.2023 11:46 PM
How to trade EUR/USD on February 8. Simple trading tips and analysis for beginners

Analyzing Tuesday's trades:

EUR/USD on 30M chart

This image is no longer relevant

EUR/USD continued to decline on Tuesday. I already warned you the momentum movement will continue for a few more days. This is what we saw on Monday and Tuesday. There was absolutely no macroeconomic data on Tuesday. The only fundamental event was Federal Reserve Chairman Jerome Powell's speech. So, there were no serious reasons for the pair to fall. But there are some good reasons. We have repeatedly mentioned that the euro was overbought and it needs a bearish correction. It has been falling for four days now and has lost 350 points in that time. Not much for the euro. But what can you do if all it has been doing for several months was to rise. Now there is a "debt to pay". Powell delivers a speech in Washington, but beginners should have been out of the market by now. Nevertheless, Powell's speech can provoke a reaction from the market, but it is hard to say what kind of reaction it's going to be if the dollar has been rising all day long. Powell's rhetoric is likely to remain hawkish, but will the dollar have the strength to rise again?

EUR/USD on M5 chart

This image is no longer relevant

There were a whole bunch of trading signals on the 5-minute chart. At the very beginning of the European session, the pair rebounded from 1.0736 (not too accurate), and then went down to 1.0697. You could earn about 20 pips on the short position. This was followed by a reverse growth to 1.0736 and another rebound from it. Another 20 points of profit. Then it fell to 1.0697 and there goes another rebound, which means another 20 points of profit. The last rebound from 1.0697 was false since the pair continued to fall. The deal closed with a loss of about 20 pips. Traders could open a new short position since the pair settled below 1.0697. An hour later, it reached the nearest target level of 1.0668, where the position should have been closed, the profit was about 12 pips. The rebound from this level could not be priced, but even this buy signal turned out to be profitable. In the worst case scenario, beginners could earn 50 points of profit.

Trading tips on Wednesday:

On the 30-minute chart, the pair continues to fall and it is not going to stop there. I expect an even sharper fall from the euro since it has been rising for a long time for no reason. There is no trend line or channel yet, we need a bullish correction to form a second pivot point. On the 5-minute chart, it is recommended to trade at the levels 1.0535, 1.0587-1.0607, 1.0657-1.0668, 1.0697, 1.0736, 1.0768, 1.0806, 1.0857-1.0867. As soon as the price passes 15 pips in the right direction, you should set a Stop Loss to breakeven. On Wednesday, no interesting events are scheduled in the EU, and the calendar of events is also empty in the US. Therefore, volatility might be low on Wednesday and it is high time for the pair to enter a bit of a bullish correction.

Basic rules of the trading system:

1) The strength of the signal is determined by the time it took the signal to form (a rebound or a breakout of the level). The quicker it is formed, the stronger the signal is.

2) If two or more positions were opened near a certain level based on a false signal (which did not trigger a Take Profit or test the nearest target level), then all subsequent signals at this level should be ignored.

3) When trading flat, a pair can form multiple false signals or not form them at all. In any case, it is better to stop trading at the first sign of a flat movement.

4) Trades should be opened in the period between the start of the European session and the middle of the US trading hours when all positions must be closed manually.

5) You can trade using signals from the MACD indicator on the 30-minute time frame only amid strong volatility and a clear trend that should be confirmed by a trendline or a trend channel.

6) If two levels are located too close to each other (from 5 to 15 pips), they should be considered support and resistance levels.

On the chart:

Support and Resistance levels are the levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Red lines are channels or trend lines that display the current trend and show in which direction it is better to trade now.

The MACD indicator (14, 22, and 3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend patterns (channels and trendlines).

Important announcements and economic reports that can be found on the economic calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommend trading as carefully as possible or exiting the market in order to avoid sharp price fluctuations.

Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management is the key to success in trading over a long period of time.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Recomendaciones para operar y análisis de las operaciones con el par GBP/USD para el 22 de enero. La libra volvió a encontrarse con una poderosa resistencia.

El par de divisas GBP/USD el martes también mostró primero una caída y luego un crecimiento y al final del día estaba de nuevo cerca de la línea Senkou Span

Paolo Greco 08:41 2025-01-22 UTC+2

Recomendaciones para operar y análisis de las operaciones con el par EUR/USD para el 22 de enero. El dólar aún no está listo para una nueva ronda de crecimiento.

El par de divisas EUR/USD bajó durante la mitad del día del martes subió y durante la segunda mitad del día bajó. La razón de la caída es obvia, pero

Paolo Greco 07:20 2025-01-22 UTC+2

Recomendaciones para operar y análisis de las operaciones con el par GBP/USD para el 21 de enero. La libra no se quedó al margen.

El par de divisas GBP/USD tambien mostro un crecimiento loco el lunes. Todo lo dicho en el articulo sobre el par EUR/USD, se aplica tambien al par GBP/USD. No hubo

Paolo Greco 09:02 2025-01-21 UTC+2

Recomendaciones para operar y analisis de las operaciones con el par EUR/USD para el 21 de enero. Crecimiento rapido y... ¿rápida caida?

El par de divisas EUR/USD mostro una rapida subida de casi 200 puntos durante la sesion del lunes. Naturalmente, no habia ni podia haber razones para tal movimiento

Paolo Greco 07:59 2025-01-21 UTC+2

Cómo operar el par de divisas GBP/USD el 17 de enero: consejos simples y análisis de operaciones para principiantes.

El par GBP/USD tuvo una jornada de baja volatilidad el jueves, moviéndose principalmente en un rango lateral. Esta semana, en el Reino Unido, se publicaron bastantes informes interesantes (lo cual

Paolo Greco 07:29 2025-01-17 UTC+2

Cómo operar el par de divisas EUR/USD el 17 de enero: consejos simples y análisis de operaciones para principiantes.

El par de divisas EUR/USD tuvo una jornada de baja volatilidad el jueves, moviéndose principalmente en un rango lateral. Advertimos el día anterior que todas las publicaciones macroeconómicas previstas para

Paolo Greco 07:29 2025-01-17 UTC+2

GBP/USD: plan para la sesión europea del 17 de enero. Informes de Commitment of Traders (COT). La libra se recuperó ligeramente.

Ayer se formaron varios puntos adecuados para entrar al mercado. Veamos el gráfico de 5 minutos y analicemos lo que ocurrió. En mi pronóstico matutino, presté atención al nivel

Miroslaw Bawulski 07:28 2025-01-17 UTC+2

EUR/USD: plan para la sesión europea del 17 de enero. Informes de Commitment of Traders (COT). El euro retomó su caída.

Ayer solo se formó un punto de entrada adecuado al mercado. Veamos el gráfico de 5 minutos y analicemos lo que ocurrió. En mi pronóstico matutino, señalé el nivel 1,0302

Miroslaw Bawulski 07:28 2025-01-17 UTC+2

Recomendaciones para operar y análisis de las operaciones con el par GBP/USD para el 16 de enero. La libra no tuvo tiempo de subir, sino que cayó inmediatamente.

El par de divisas GBP/USD subió el miércoles durante la mayor parte del día, lo que ya es extraño de por sí. La cuestión es que por la mañana

Paolo Greco 06:15 2025-01-16 UTC+2

¿Cómo operar con el par GBP/USD el 16 de enero? Consejos sencillos y análisis de las operaciones para principiantes.

El miércoles, el par GBP/USD también intentó desesperadamente continuar con la corrección alcista y tampoco le fue bien. En el caso de la libra, tuvo el doble de informes importantes

Paolo Greco 05:49 2025-01-16 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.