Well she broke down to 152.51.Didn't take long
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DislikedTime is 9:30 am NY on friday 3/21/08
I see a real nice setup on EUR/USD setting up at 1.5470 on the 30 min chart. If you decide to take this trade, I recommend that you hold the trade
back to the previous highs (450 pips up). I would use a 30 pip stop here, or you can just close out the trade if the breakout proves false. Personally. I think the price will retest the all-time highs.
I will also be watching for a breakout to the downside of the 1.5400 round number with a drop to the 50% fib level (225 pips) lower.
To Me, this is the perfect trade that JohnW would look for, and I also think this would be a high percentage winning trade, meaning that if you only took trades that have this type of setup you would approach a high % win factor, especially if the breakout occurs durng the London session.
The direction of the breakout may hinge on what the Fed does. In either direction this should be a fun trade. Enjoy and GLIgnored
DislikedValter
I cant seem to get it to work, am i supposed to simply drag and drop ? Anyone know how to get this to work?Ignored
QuoteDisliked
A buy would go against JohnW's strategy as there is a daily trend down, not up.
DislikedNot necessarily. Many people will use bias as a trend indicator, but nothing beats looking at a chart from a distance of about 5 feet. If you can't see a trend there, pick another pair.Ignored
DislikedFXNorm -
The things I look at are:
The daily trend (draw trendlines)
30M trend (draw trendlines)
Am I trading against the carry or with it
Where is the next S/R level if I am filled
Will I break a minor (30M) trend and an S/R level when filled
Will I break a major (Daily) trend and an S/R level when filled
There is no such thing as a totally mechanical trading system. All of the ones I bought over the years that claimed to be non-discretionary (like MA crossovers, candle patterns, MACD signals, etc, etc) had some discretionary elements to them (like which time frame). I look at setups and select the best pair to trade. Best pair means best trend, most hits on S/R level, no pending big news events, etc. How many traders had buy stops in place above the USD/JPY level that broke last Friday (see the 30M chart). Trading successfully requires thought. Ignore the vendors telling you that this is easy, that you can "learn to trade like a pro in and hour", that if you just plug in these "secret" indicators that "banks don't want you to know" you will make 1000's of pips per month.
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