Horizontal Resistance with graduated stop-loss
SwingPRO Trade Example
EURUSD | 2012/02/24 | 90 pips
Description: In this example not only did we use a graduated SL, moving our open long to lock in 50 pips profit while targeting 90, we entered on a horizontal resistance (normally a no-no) due to the strong resistance of 1.33. (ref# 70)
Friday, February 24th 2012 @ 7:13 UTC - Trade Setup: 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.
Monday, February 27th 2012 @ 13:52 UTC - Result: 90 pips All targets were hit on our long last week (opened Thursday but still running as of Friday's post) for 90 pips profit.