There was a nice Triple play on the15m this morning & although all 3 pairs were profitable, the 2 lower risk entries were GU & then EU.
Although price was under the Pivot & ma's, GU had rejected strong support at 350 which I listed this as a key level in my GU journal at the weekend & a signal at strong support or resistance supersedes indicators. With a stop under the candle at -15 & the Pivot + double zero 400 as target +35 pips away, the risk reward was an acceptable 2:1.Price rose a total of +220 pips from this rejection of key level 350 today
EU was also a viable trade as price was in an obvious uptrend & was above the Pivot. With a -10 stop & target at @900 resistane, possible gain was +35 so the risk reward was 3:1.
The AU pair was below the Pivot & the 84ma & price action was messy. With a stop of -10, price did reach a possible +20 from the entry & if taken but a position would have been a near death experience as went -9 from the entry before hitting target.
Last edited by ukfitness
on Tue Sep 14, 2010 4:52 pm, edited 1 time in total.