Trading Signals for Thursday, July 18 2013


Another update on my withdrawal - My money is initiated from my broker and it should reach my personal account any time soon. Normally it takes 2 days for an entry to be seen as a credit in my account; after it has been released from my broker. So, today will be counted as the first day.

Hence, I should be back to the trading circuit on an active state from Monday or Tuesday, most probably.

I say Tuesday, because till Monday my mother will be at my place, so till the time she is with me, I would like to be off my computer and trading. So, from Tuesday, I will be wholly into practicing what I preach here.

OK, so now moving ahead towards the market sentiments; as I had posted yesterday, the market is up for a big turn down South. And that is well testifying, for the same you just need to look at the charts.

As I see the 4H chart, I feel the market will touch further down.

Hence, the recommendations are as follows:

Sell EUR/USD at 1.3101 for a profit of 50 pips, and for the time being no stop loss.

In case the market does not touch the take profit levels; but further brings in higher highs, then you can go with cover orders with the same principles.

But as I envision the market right now, I feel it has the potential to go further down from here.
Also, it is indeed worth mentioning that there are some really major announcements coming up at 12:30 pm GMT hours onwards that will create huge impacts to the EUR/USD pair.
One is the US unemployment claims and the other is the announcement by the Federal Reserve chairman Ben Bernake. Both these announcements will together bring a huge impact to the overall market and the currency pairs, since the involved currency is the USD.

As far as my experience goes, it will turn the pair down South, creating a huge strength for the USD.
But obviously I cannot be right all the time, I will update once the market does what I feel for it today, till then you enjoy and take care.
Happy trading and a happy life.
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