Daily FX Training | Learn Forex with the Dynamic Traders: Plucking Pips

Good Afternoon Dynamic Traders!

Proceeding the long weekend and entering the month of May, we are promised vast volatility with the news riddled pages this week!

Those who have taken a plunge, may have indeed felt the pinch in pip movement as price proves its hot headed temperament, defying many a technical stance!

The ability to respect each market movement despite a betrayal of the best of analyses, permits a positive pattern of thought; one that focuses on re-visiting the strategy folder and choosing those resources that work well with the current market mind set.

This is doubtlessly an advanced traders priority.

Another look at the Euro, following yesterdays quality note by my fellow contributor, Bijal, will highlight a varied position that may be observed to amass tidy pips.

The weekly chart displays price hovering at the value index promising a directive at some point in the future.

The daily chart below provides a closer clue of short term movement.

Although price has retraced today, this is not unusual following a breach of the 'figure' horizontal on display.

The longer term trend is downward, but the short term rally, shadowing the value index, proffers a probability of at least a 60 pip capture with the trend, towards a noteworthy figure, before assuming a position (out of the market) awaiting the firm resistance clusters to play themselves out.

Note the technical tools on offer to confirm the viability of this small, yet significant stance.

This near term profit opportunity may be also be spy-glassed using a smaller time frame

Dynamic Traders recognise that a stockpile of pips is gathered trade by trade, through slow and steady progress, using a consistent pip collecting regime, which abides by the current market conditions.