EUR/USD Signal Update - August 12, 2013

The level of 1.3345 was hit during the last hour of Friday's London session.

Day traders following my 15 minute candle entry strategy would not have entered a trade.

Traders who set a buy limit order for 1.3345 with a stop loss at 1.3302 will have an open trade showing a loss. They should be prepared to take 85% (an increase from 75%) of the position as profit at 1.3395.

Traders who chose to close out the position at the end of Friday's session rather than hold it over the weekend should have broken even, or perhaps suffered a loss of only 1 or 2 pips.

The position as at the time of writing is shown below:

EUR/USD Signal Chart Aug 12

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.