06.11.202413:31 Forex Analysis & Reviews: EUR/USD: Simple Trading Tips for Beginner Traders on November 6th (U.S. Session)

Analysis of Trades and Trading Advice for the Euro

The levels I outlined were not tested during the first half of the day. Despite high volatility, I was cautious of false signals and chose to wait for better prices to enter the market, which did not occur. With no statistics due in the second half of the day, the focus will remain on market behavior following Donald Trump's victory in the U.S. presidential elections—a development that supports the dollar but weakens the euro. The strategy remains focused on selling the euro, with higher levels offering better short-selling opportunities. For intraday trading, I will prioritize scenarios #1 and #2.

Buy SignalScenario #1:Today, I plan to buy the euro at around 1.0778 (green line on the chart), aiming for a rise to 1.0843. At 1.0843, I will exit the market and open a short position, targeting a 30-35 point decline from the entry point. A strong rally for the euro today seems unlikely, even in the second half of the day.Important: Before buying, ensure that the MACD indicator is above the zero mark and just beginning to rise.

Scenario #2:I also plan to buy the euro if there are two consecutive tests of the 1.0741 level while the MACD indicator is in the oversold zone. This setup should limit the pair's downward potential, triggering a reversal upward. A rise to the target levels of 1.0778 and 1.0843 can then be expected.

Sell SignalScenario #1:I plan to sell the euro after it reaches the 1.0741 level (red line on the chart). The target will be 1.0674, where I will exit the market and open a buy position, aiming for a 20-25 point upward correction. Selling on corrections is preferable as pressure on the pair is expected to persist throughout the day.Important: Before selling, ensure that the MACD indicator is below the zero mark and just beginning to fall.

Scenario #2:I also plan to sell the euro if there are two consecutive tests of the 1.0778 level while the MACD indicator is in the overbought zone. This setup should limit the pair's upward potential, triggering a reversal downward. A decline to the target levels of 1.0741 and 1.0674 can then be expected.

Chart Explanation:

• Thin Green Line: Entry price for buying the currency pair.
• Thick Green Line: Suggested price for setting Take Profit or manually closing positions, as further growth above this level is unlikely.
• Thin Red Line: Entry price for selling the currency pair.
• Thick Red Line: Suggested price for setting Take Profit or manually closing positions, as further declines below this level are unlikely.
• MACD Indicator: Use the indicator to identify overbought and oversold zones when entering the market.

Important Notes:Beginner Forex traders should exercise extreme caution when making market entry decisions, especially before major news releases, to avoid sharp price fluctuations. If you choose to trade during news events, always set stop-loss orders to minimize potential losses. Without stop-loss orders, you risk losing your entire deposit, especially when trading large volumes without proper money management.

Remember, successful trading requires a clear trading plan, as demonstrated in the strategies outlined above. Spontaneous decisions based on current market conditions are typically a losing strategy for intraday traders.