If you look at the Forex online trade activity over the past few weeks, it’s not hard to see the emergence of a bull market trend. Will this bullish trend continue to stay that way for the foreseeable future? At this point, it is anyone’s guess. The US dollar remains soft against many other major currencies. This can mean upward movement when the dollar is paired with a few other currencies, boding well for forex online traders.
The euro/dollar might be the biggest bull in the ‘run of the Forex bulls’ as it were. Every trader who noticed this upward movement has got on board in time and has passed the forex online trading ‘real life test’ with flying colors.
When will the EUR/USD has top off, and when is a good time to close your long positions? That’s the million-dollar question. When the Forex online trade market is considered overbought, it’s only a matter of time before a massive sell-off occurs and bearish market conditions return.
There is no real way of knowing when an event like this may take place, so at the moment people in the Forex online trade should concern themselves with getting as much as they can from the bull market before the floor drops out from under their feet.
The bullish Forex online trade movers and shakers out there are looking for a magic number with the euro/dollar paring – maybe it hit 1.38.
People involved in the Forex online trade must remember that nothing in the currency market runs in a straight line up or down. So if you’re riding a lucrative trading strategy, don’t forget to adjust your stop loss orders.
These can act as your guardians in this type of a market.
It is crucial you defend your profits – you don't want to run into a situation where profits turn into losses. In the meantime, take advantage of to opportunity to buy into the market at around the 1.33 level if you see profit is there for the taking. People in the Forex online trade have been waiting a long time for a bull market, so exploit it while it’s there – but always remember to trade with prudence.