Archive For "February, 2012"

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Recap: Our short was triggered yesterday at 1.3407, jumped 15 pips into the profit and then the 4h candle it broke on closed above our support at 3422 (false break). We closed the short at that point for a 15 pip loss. For traders looking to get long it was a perfect opportunity to do so on the false break, as detailed in our Q

Trading Idea: Today we are once again looking to get short on a support break, with targets at 20/25/25/25 for 95 pips profit.

This time, however, we will look to get long on a false break OR if a new resistance line develops and is broken.

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Recap: No trades taken yesterday as no S/R setups appeared that were solid or high probability enough for us to trade.

Trading Idea: The pair has been consolidating since market open this week, and is nearly back to its opening point around 3450. There is a nice rising support line that we will look to short on a support break with targets at 20/25/25/25 for 95 pips profit.

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Intraday Update: We were hoping a better S/R line would appear if we waited for the intraday update – unfortunately that has not happened yet. We are tracking a nearly formed resistance line that we will look to buy into (details below) but it is not developed enough yet at the moment.

Recap: All targets were hit on our long last week (opened Thursday but still running as of Friday’s post) for 90 pips profit.

Trading Idea: We are very close to having an aggressive falling trend resistance line but we need a couple more bars to close to be sure.

When a falling resistance does develop we will look to get long on a resistance break with targets at 20/25/25/25 for 95 pips. PRO users will receive email alerts when the resistance break occurs.

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Recap: Our long on a resistance break was triggered twice yesterday – the first time at 8:57 UTC and the second at 13:09. The first break got 35 pips into the profit before hitting our tightened SL at break even. Our second break just barely survived a subsequent dip (50 pip SL) and is currently 75 pips.

Trading Idea: Our long from yesterday is still open and 75 pips in the profit. We are targeting 90 pips and have locked in 50 pips profit with our tightened SL. We will not open any additional positions as it is Friday but if we were trading today we would be looking for opportunities to get long (resistance breaks) as the markets have apparently decided the Greek crisis is resolved to some degree of satisfaction.

There is also a rising support (blue line) that would trigger an aggressive short if we were trading today.

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Recap: No EU trades were entered yesterday as the pair continued to consolidate within its ascending triangle. There were a few bounce trades (proximity alerts) that were profitable but we passed on these, as we were only looking for breaks.

Markets continue to be choppy as it attempts to sort out the latest significant events coming out of the damage epicenter (Greece). Because of that volatility there is a higher than normal chance that the initial break of the triangle will be a false break – we will look to tighten our SL early and often to avoid getting caught on the wrong side of the trade.

Trading Idea: We’ll continue to look for a breakout of the ascending triangle, short (support break) or long (resistance break) with targets at 20/20/25/25 pips for 90 pips profit.

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