Drawing an aggressive support, off the wicks, after a major support break
SwingPRO Trade Example
EURUSD | 2013/01/03 | 80 pips
Description: After the major break of 1.3150 (price had been consolidating above this level for weeks), we drew an aggressive support, well off th wicks to avoid false breaks, which was broken and hit all targets for 80 pips profit. (ref# 1134)
Thursday, January 3rd 2013 @ 9:36 UTC - Trade Setup: We are still bearish on the pair and look to get short on a support break with a TP of 80 and a SL of 50.
Friday, January 4th 2013 @ 16:19 UTC - Result: 80 pips Our short was triggered pretty quickly (~30 minutes) after our analysis yesterday on the 1.3114 support break which trucked downward like clockwork to hit all of our targets for 80 pips profit.All and all it was a very solid week for us even though it was shortened because of the holidays, netting almost 200 pips yesterday alone.The EU is very oversold at this point and has been falling like a rock since the fiscal cliff "deal" was agreed upon by US politicians. Technically this was foretold by the mouse double top on the 4h charts (first top is mid-december, second top is late December). We caught the downward movement with our swing trading but it is interesting to see other market indications back up our swings :).We are still bearish on the pair, even oversold, but with the weekend approaching we are wary to enter another trade. There is an aggressive falling resistance that was just broken (we drew it in post break, PRO members, if you are wondering why no alert was sent out) that aggressive traders could look to long at current price, but we will stay flat going into the weekend.Have a good weekend and see you Monday!