To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=pYFTjNgyL5Q The buys on dips into support provide us with lower risk and we look to target the next level. The lower we can buy this, the better. If we can buy it deeper into the pink-shaded area, the better. Why is that better? Because our risk is that it breaks through that pink zone, so our stop loss goes underneath the pink zone. So, somewhere where that blue line is. So, if you’re going to buy it, you want to get as close as possible to that blue line, dipping into the support, so the orange-shaded area, which is our resistance target becomes further away, improving our risk and our reward the lower we can go long on the EURUSD right now. Now, we do have, in about an hour or so, Fed Chair Yellen is scheduled to speak. Could cause a little volatility in the market, so use appropriate risk strategies in any case, but especially as you look for a new trade here on the EURUSD. Take it down to the four-hour timeframe. We spoke about this in the live Trade Room over the past few days. Let me squeeze it out a little bit and zoom in. So, you could see how it’s just kind of come down here into this pink-shaded area. Now, yesterday I did have a pending buy order, just sitting on top of this resistance high. I did remove it before the end of my trading day yesterday, but if you stayed into that pending order around the 1.0770-level, you may already be in the buy scenario here for the EURUSD. And that’s okay. If you’re already in from the 1.0770-level from our yesterday’s pending buy order, you’re sitting maybe 16 to 20 pips of profit already. We’ll look for the break and the turn back higher above this pink zone and target 60 to 70 pips higher into the 1.0835-level. And again, the risk is that it breaks down through. So, you’re only looking if you got in at 1.0770, 30 to 35 pips of risk. If you get in now, you’ve got a little bit of additional risk, but I would say as close to that little resistance high back here that you can get into the long, which is close to the 1.0770-level, becomes a lower risk, higher reward opportunity in the direction of our current trend. And the only downfall to this trade is if it gets back underneath the 1.0760-level for the EURUSD today. https://www.youtube.com/watch?v=pYFTjNgyL5Q Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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