Tagged "breakout"

Placed entry orders above the current EU consolidation below 1.5600. Nice 145-pip flagpole leading up to this consolidation, and a nice horizontal run of the pricing action. Also a nice rising trend on the 60M RSI with a clear break of its squeezing consolidation channel that was broken to the upside last week.

Buy – 1.5616
Stop – 1.5581 (35 pips; ATR is at 28 and 35 is 25% of flagpole)
L1 – 1.5651 (35 pips, will raise second stop to break even)
L2 – 1.5745 (129 pips; almost the height of the flagpole, at the bottom of multi-day resistance and just short of the 145 pip pole)

UPDATE: This signal has been canceled effective immediately due to a fluctuating consolidation pattern.

Weekly Review: Good no trade. The pair ended up having a false breakout before dropping 150 pips. Once the consolidation pattern is broken or abnormal a signal is cancelled.

Result: 0 pips

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23:42p GMT – Placed breakout flagpole entry above current NZD/USD consolidation and trend channel resistance. RSI shows positive trend but Slow SS shows mixed signals on the 60M charts.

Buy – 0.7655
Stop – 0.7630 (25 pips)
L1 – 0.7680 (25 pips, raise second stop to break even)
L2 – 0.7705 (50 pips)

UPDATE – 7:05a GMT – Pair is still consolidating horizontally to resistance at 0.7650. The pair has not made any deep stabs to challenge Fibonacci 38.2% retracement so I am keep the signal and entry orders in place for now.

UPDATE – 7:45a GMT – Resistance was broken and entry points were hit to trigger the trade so PipHut.com is now active in this trade.

UPDATE – 8:21a GMT – First limit hit for 25 pip profit (equal to risk)! Second stop raised to break-even for a risk free shot at 50 pips.

UPDATE – 8:32a GMT – Second limit moved down 10 pips to 0.7695 due to expected resistance at .7700

UPDATE – 18:48p GMT – Second limit hit for additional 40 pips. Trade closed.

Signal Result: +65 pips profit!

Breakout/flagpole entry order placed below current NU consolidation after flagpole. Entry placed 5 pips below large round # .7550. Small flagpole, only 60 pips. Possible negatives include an RSI divergence on the 60M and strong support at 0.7500 scaring off the downward push.

Entries placed at 4:26 GMT.

Sell – 0.75450

Stop -0.75700

L1 – 0.75200

L2 – 0.75050 (5 pips above next support level)

UPDATE: 7:41 GMT, pair has broken to the upside and I am cancelling my entry orders. Good no trade.

Buy – 1.05675

Stop – 1.05425 (raise to break even on L1)

L1 – 1.05925

L2 – 1.06100

UC – Breakout entry placed above 1.065 resistance. Positives include wicks that have been horizontal in their display of resistance, RSI shows a definite uptrend. Price action is an up channel / uptrend. Low volatility allows for a tight 25 pip stop which is still below large round # of 1.050. Resistance was tested about 12 hours ago and held strongly, but bears were not able to lower the price much.

Negatives include an RSI that is near 70 and would surely break 70 if the pair rises. Also that the pair has shown that the bears were able to fight it down to the bottom of the flagpole previously.

UPDATE: 7:56a GMT 5-15-08. Trade has been close for a 25 pip profit. First target was reached. Stop on second lot was raised to break even and then tripped on.