Recap of ForexLive trade idea for EURUSD and how to manage a profitable trade

• As EURO and USD was looking it is getting to parity, a trade idea to fade the recent decline and go long was created
• The trade idea had 3 buy orders ready below EURUSD 1
• But only 1 of those got filled before the Euro USD pair shot up
• This leaves the stop loss too far and the profit of the position unprotected
• But moving a stop too early in a trade is not a great idea, either, since the market can quickly stop a trader out. Still, after a few days of a move and enough distance made between the current price of EURUSD and the entry price, that update to the stop loss can be made
• What about the other EURUSD buy orders waiting below? These need to be cancelled. After adjusting the stop loss, never leave older orders that can be filled in the future, to your surprise
• Could a trader wait and watch price, looking if EURUSD gets to the suggested buy order, and then follow some more candles, and then, perhaps, enter? Yes. BUT, sharks are already waiting with buy orders at attractive prices, and when their orders fill, price shoots up so quickly, leaving a trader in confusion and with a partially missed opportunity. The idea here was to set a buy order ahead of time and prevent that
• What about the profit target, should it be adjusted? Perhaps a new one created? There are a several options for those, as shown in the technical analysis video for EURUSD below, which also presents a EURUSD technical analysis update with a recent price chart:

Trade the EURUSD at your own risk. Visit ForexLive technical analysis Technical Analysis In financial trading, technical analysis refers to the method of studying the previous history and price movements of an instrument, such as foreign exchange, stocks, commodities, etc.Key determinants include an asset’s historical price action, chart patterns, volume, and other mathematical based visual tools, in order to predict future movements of that instrument. Traders who utilize various means of technical analysis are known by a variety of terms, such as technical traders, technical analy In financial trading, technical analysis refers to the method of studying the previous history and price movements of an instrument, such as foreign exchange, stocks, commodities, etc.Key determinants include an asset’s historical price action, chart patterns, volume, and other mathematical based visual tools, in order to predict future movements of that instrument. Traders who utilize various means of technical analysis are known by a variety of terms, such as technical traders, technical analy Read this Term for future perspectives and occassional trade ideas.