Hello Edward,
Thank you for the advice and recommendations for my previous enquiries.
I have an enquiry that needs your opinion and suggestion.
The EUR/USD pair was a lull on range trading with dips for almost 2 months recently, and now this pair begins moving northwards towards the 1.5000 and possibly reaching 1.6000 level in due course.
The 1-hour chart indicates the candlestick peaked the 1.4944 level on 15th October at 02.00 hour (Server Time), then retraced downwards and later an uptrend to another peak at 1.4954 the same day on 15th October at 22.00 hour (Server Time). These 2 peaks (1.4944 and 1.4954) form very strong Resistance Level that may establish a threat against future candlesticks’ advancement towards the 1.5000 and 1.6000 levels.
Shortly, from the 2nd peak (1.4954), a new non-stop downward retracement dropped until the trough level 1.4877 on 19th October at 09.00 hour (Server Time). This downtrend is evident by the 2 crossovers of the EMAs 10, 25 and 50 confirmed the bearish momentum headed for a trough on 16th October at 03.00 hour and 08.00 hour consecutively (Server Time).
However, the good news is the candlestick at the trough made an uptrend reversal at 1.48790, and with confirmation of the crossovers of EMAs 10, 25 and 50 indicating a strong bullish trend that started at 1.48970 on 19th October at 04.00 hour (Server Time). The ADX give a positive 38 %.
Now currently trading the Demo Micro Account and earned some profits during the current uptrend situation. Owing to uncertainties in Forex trading, with fear and anxiety trading LIVE, together with reservations of past month’s EUR/USD inconsistent motion, my questions are:
1. Would you recommend switching over to LIVE TRADING Micro account immediately to ride the prevailing strong bullish environment or wait for trading opportunity after the 1.5000 Resistance Level ?
2. Looking at the prevailing market trend of the EUR/USD pair, and the strong Resistance level at 1.4950 Level, my fear is the current uptrend may be short-lived with a reversal repeating a similar scenario (sideway consolidation) before the upsurge momentum that may affect my equity should the unforeseen downtrend persists dropping 90/100 pips suddenly.
Your viewpoints will be very much appreciated, while the final decision lies in my conclusion
Regards.
George FXtrades.