Trading Signals for EUR/USD on Tuesday, November 19, 2013

Image used to convey the idea of currency conv...
Image used to convey the idea of currency conversion (originally from en.wikipedia). The signs are (clockwise from top-left): dollar, euro, pound, shekel, đồng, yen. (Photo credit: Wikipedia)
So, the start of the week yesterday was not that good. Since, the stop loss of 50 pips was intact, hence the loss was limited to that. This is one of the many reasons why I really love to trade in this volatile currency market.

Anyway, I still maintain my stand as yesterday that the market is bound for some movement downwards. Hence, I have put in a short deal at 1.3509 levels for a stop loss and a take profit level of 25 pips each. Also, I plan to get into a rolling take profit and loss schedule once the market starts rolling more downwards.

If in any case it does not, then I will be happy with a loss of 25 pips in this deal today. I know I could have initiated another short deal 12 hours back when my last short deal closed with a loss. But I am a strict disciplinarian when it comes to the forex market. Hence, I refrained from doing that yesterday, and instead I am doing it now, and I have kind of done it. LOL

Also, for the scalping deal, one short at 1.3461, another long one at 1.3459. Both have a stop loss of 10 pips and a take profit of 30 pips.

I also want to mention that it is the Stochastics and RSI, that make me go firm on my shorting decision. I am very likely to move the take profit and stop loss levels.

P.S: If there is any other update to the trading signals for today, I shall update the same as a corollary to today's post. 

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