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EUR/USD Forecast May 4th 2016

Today we are looking for another re-entry position on EUR/USD, we managed to take 160 pips yesterday. We first look at what kind of news we have today by going to myownforex.guru to check out the event calendar (HERE). Look for medium to high news event which are indicated in orange colored !! and red !!!, those are news that will move the market. We created a short video for today’s setup as well so that you can follow us on how we plan our day, take a look at the video by clicking HERE

We are seeing several opportunities today around news events throughout the morning today, once we are done with that we take a look at the USDX (dollar index) to see where it is headed. What we can see is that it has made a new low yesterday, which to us indicate MM going into liquidity are (cashing out) and setting up new trades by triggering SL’s in the are (see below)

 

USDX Forecast May 4th 2016

USDX Forecast May 4th 2016

 

We can now start looking for a setup after seeing where things are going. We are taking a look at EUR/USD, we took 160 pips in profit on EUR/USD yesterday and we are looking for the next wave on EUR/USD. Remember, today is Wednesday so your peak usually happens on Tuesday or Wednesday. Below you can see our setup.

EUR/USD Forecast May 4th 2016

EUR/USD Forecast May 4th 2016

About Chris

Chris Wittusen started trading in early 90's, mainly in stocks but is now mainly trading in Forex (currency trading). He also manage a successful Forex group on Facebook, where he shares his knowledge to other people that want to learn more about how to trade in Forex. His technique still applies to both Forex and Stocks due to his style of naked chart trading along with box trading.
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