18th of March 2021 Identify, plan and trade: It's important | Blueberry Markets

18th of March 2021

Identify, plan and trade:

It's important when looking for a trade to follow a strict plan.

IDENTIFY: We have identified EURUSD in line with our reversal strategy.

PLAN: EURUSD has formed a bullish daily close after the recent FOMC meeting were Fed Chairman Powell said they were unlikely to hike rates until 2024. This dovish tone sent the USD lower which will likely continue. If the price pulls back to the major level of 1.1930, we will look for a long opportunity.

TRADE: We will place a BUY LIMIT order at the support level with stops below the lows. If this trade does not trigger by the end of the trading day cancel the order.