Forex Trading Money Making | EUR/USD Forex pair | Trading signals #12
- Scrooge McDuck
- Oct 16, 2020
- 3 min read
Welcome back, traders and true believers of Forex Trading.
Welcome to the McDuck trading family.
In our previous trading post, we traded the Euro / Great British Pound Forex pair with a Tools Trades signal, if you missed it, make sure to check it out!
Today our Forex pair of choice is going to be the Euro / United States Dollar, considering everything that has been happening lately, I expect to make a decent profit on this Major Forex Pair.
Our trading platform is non-other than IQ Option, an amazing trading platform that has been proven to be dependably good in the past.
We are going to start, by checking out the Forex Factory Economic calendar as a part of our Fundamental analysis.
Open up the Forex Factory Economic calendar and let's set it up so that it only shows relevant news.
We only need the information associated with the Euro / United States Dollar and as such everything else would be redundant.
There are A LOT of economic events today that are going to influence our Forex pair but we are only going to give special attention to the following:
Final Manufacturing PMI (EUR)
ISM Manufacturing PMI (USD)
Unemployment Claims (USD)
Final Manufacturing PMI (EUR) - This is a monthly report, consisted of a survey of about 3,000 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories;
ISM Manufacturing PMI (USD) - Another monthly report from Institute for Supply Management, this one takes into account a survey of about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. It's a leading indicator of economic health!
Unemployment Claims (USD) - This is the nation's earliest economic data. This report shows us the number of individuals who filed for unemployment insurance for the first time during the past week. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes.
Now we are going to start off with the Technical analysis and see in which direction are we going to take our trade.
We are without a doubt looking at a selling position here. Oscillators are barely pointing us in the selling position however, whereas the Moving Averages are telling us that we should consider a selling position with confidence.
While we can never be 100% certain about the position we are going to take, at the moment we can be fairly certain that we are going to enter a trade in a selling position.
Let's see if we can find some more information from the chart below.
The market displays a bullish trend, after which some levels of resistance were present. Afterwards, a hard bearish trend started to emerge. This is a good example of an extraordinary selling position opportunity.
Don't forget to use the promo code #SHIVINVEST when you sign up for a Tools Trades account in order to receive additional free trading signals.
It is time to obtain a trading signal from Tools Trades so that we can open a trading position. Trading signals are always good to have, especially if you have doubts about the trade you are about to open.
The signal we generated from Tools Trades told us that a selling position would be the most profitable for this trade.
This trade turned out to be very profitable thanks to the effort we put into our research and the trading signal from Tools Trades we were able to set a new record when it comes to regular signals and make 4.131.95$!
That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!
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