How to trade EUR/USD on the Daily Timeframe [FULL EXPLANATION]
Updated
Trading EUR/USD on the Daily Time Frame: Delete the noise, patience wins
Here I present a textbook trading set-up + a fancy little indicator known as the EAG Yume Wave.
First we need to set up our parameters, what is confirmation and what isn't?
Your analysis does not need to be over complicated, you want to be considering the key/strongest variables when you are creating your final equation. You can backtest multiple indicators, I usually play around with ichi, different MAs and a couple of momentum indicators and the RSI to see if I can make anything work.
Here are my personal EURO/USD Daily TF Trade Parameters and WHY I have chosen them~
185 EMA
This has acted as a really good measure of resistance all the way through EUR/USD's last few months. To find this I played about with the settings.
Fibonacci lines and extension
These allow me to see all the individual lines to trade from and where my points of confirmation will be when a fib line gets broke.
Trend lines and horizontal support & res
Important textbook trading skills that should line up with my other indicators and fiblines.
EAG YUME WAVE Indicator
Watching for the twist and then watching for if the Miaku can provide support on the downfall.
Volume + MA
Volume in traditional markets can help us confirm where potential bottoms are with good buy backs.
Do bear in mind there is the risk of a volume divergence hence why I am neither bullish nor bearish UNTIL we get some form of confirmation!
If you learnt something or just want a chat about how I trade add me on Discord: Xander#5055
A follow and a like would be greatly appreciated for my time :D
~Xander
Here I present a textbook trading set-up + a fancy little indicator known as the EAG Yume Wave.
First we need to set up our parameters, what is confirmation and what isn't?
Your analysis does not need to be over complicated, you want to be considering the key/strongest variables when you are creating your final equation. You can backtest multiple indicators, I usually play around with ichi, different MAs and a couple of momentum indicators and the RSI to see if I can make anything work.
Here are my personal EURO/USD Daily TF Trade Parameters and WHY I have chosen them~
185 EMA
This has acted as a really good measure of resistance all the way through EUR/USD's last few months. To find this I played about with the settings.
Fibonacci lines and extension
These allow me to see all the individual lines to trade from and where my points of confirmation will be when a fib line gets broke.
Trend lines and horizontal support & res
Important textbook trading skills that should line up with my other indicators and fiblines.
EAG YUME WAVE Indicator
Watching for the twist and then watching for if the Miaku can provide support on the downfall.
Volume + MA
Volume in traditional markets can help us confirm where potential bottoms are with good buy backs.
Do bear in mind there is the risk of a volume divergence hence why I am neither bullish nor bearish UNTIL we get some form of confirmation!
If you learnt something or just want a chat about how I trade add me on Discord: Xander#5055
A follow and a like would be greatly appreciated for my time :D
~Xander
Note
If we break next trend line a better short may be in play. I should've used the 4hour so you guys could get better entries, woops my bad.
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