27.04.2021 07:33 PM
Analytics and trading signals for beginners. How to trade EUR/USD on April 28. Analysis of Tuesday trades. Getting ready for Wednesday session.

Analysis of Tuesday trades

EUR/USD on 30M chart

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On Tuesday, EUR/USD tried to resume the upward movement which was still supported by the ascending trendline. It also made an attempt to extend correction which started a day earlier, however, without much success. Volatility during the day was ranging within 35 pips which is very low even for the EUR/USD pair. Obviously, with such low volatility, it was very difficult to make profit. Usually, we recommend setting a minimum Take Profit of 30 pips for EUR/USD trades. On Tuesday, the pair had barely passed this distance. On the other hand, it was even better that during the day no signal was formed on the current timeframe that could be followed. We have made two circles on the chart that show the upside reversal of the MACD indicator. However, it is clear that both buy signals were formed well below the zero level, so they should not have been followed. Let us remind beginners that at the moment it is recommended to follow only buy signals from MACD. So far, the euro/dollar pair continues its vague movements which are difficult to follow and to make profit from.

EUR/USD on 5M chart

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Now let's have a look at the 5 minute time frame. The situation is even worse here. On the smallest time frame, one buy signal was formed during the day which was not very clear, so it could have been downplayed. Nevertheless, let's consider possible scenarios at the moment when the pair rebounded from the level of 1.2061. As we said, the rebound was inaccurate. However, beginning traders could open long positions here. The nearest target was only 16 pips away from the place of the signal formation, at the level of 1.2082, so long positions had to be maintained manually. Even a minimum Take Profit was not triggered since the price failed to rise by even 30 pips. Therefore, the next target level of 1.2112 was not tested either. Instead, the price started hovering near the level of 1.2082 that turned out to be irrelevant in the course of the day and should no longer be used when trading the pair. While the quotes were fluctuating near the level of 1.2082, a long position should have been opened. It was not a good idea to open short ones, especially since there was no clear sell signal. Thus, buy orders should have been closed manually. Otherwise, they could have closed at a breakeven point by Stop Loss as the price had passed 15 pips that are enough to trigger this order. During the day, not a single important report was published in either the EU or the US.

Trading tips for Wednesday:

On Wednesday, we recommend trading upwards on the 30-minute time frame as the uptrend continues. The ascending trendline remains relevant. On Tuesday, the MACD indicator was staying near the zero level as during the day there were no particular movements, so it could still generate strong signals. On Wednesday, novice traders can trade from the levels of 1.2023, 1.2092, and 1.2112 for a rebound or a breakthrough in both directions. Take Profit, as before, should be set at the distance of 30-40 pips. Stop Loss should be placed to breakeven when the price passes 15-20 pips in the right direction. There are more levels on a 5-minute time frame, each of them can also be used to receive signals. We would like to remind you that you should only use the most accurate and clear signals. The levels in dashed lines are no longer relevant. No important publications are scheduled for April 28 in the European Union. In the US, the results of the Fed meeting will be announced. Therefore, you should not open any positions in the evening and it is advisable to close all the open ones.

On the chart

Support and Resistance Levels are the levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Red lines are channels or trendlines that display the current trend and show in which direction it is better to trade now.

The MACD indicator (14, 22, and 3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend patterns (channels and trendlines).

Important announcements and economic reports that you can always find on the economic calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommend trading as carefully as possible or exit the market in order to avoid sharp price fluctuations.

Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.

Paolo Greco,
الخبير التحليلي لدى شركة إنستافوركس
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