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Only a few trade opportunities, waiting for US data

The first Thursday of the month is always difficult to trade, because the next day the is the First Friday of the month! :) and you know the US unemployment report I due this day…

However, there about 5 currency pairs that I like today, the EURCHF is one of them:

It is trading in a very clear bearish condition and the next LT support level is at 1.2441, so we still have some room to get a good risk-reward ratio if we get a chance to short it.

Trade Safe!

Raul Lopez
Forex Training

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This entry was posted on Thursday, May 5th, 2011 at 12:26 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “Only a few trade opportunities, waiting for US data”

  1. caesar says:
    May 7, 2011 at 11:08 am

    i am a big fan of your blog but if i may ask ,how do you coose the pairs to trade?how many of your trades are ever on spot? thanks

    • Raul Lopez says:
      May 9, 2011 at 4:59 pm

      Hello Caesar,

      Before we start trading, we analyze the 4H and D1 charts to determine which currency pairs to trade, which direction and possible entry levels, this is what we call the market condition. The market condition is defined based on how the market reacts to LT S&R levels.

      HTH

      Raul