Trade Example: Support and Resistance Double
Here is a great example I wanted to share with you from yesterday that combined a) Support and Resistance with the b) Double Detection feature of CandlePro that would have netted you up to 56 pips within 2.5 hours.
First off, we always look at the charts and determine where our S/R levels are. In this example I actually did this for you in the free daily signal (October 7th, 2010) when I wrote: “A more aggressive but more realistic long would be a long in the 1.3860-1.3890 support zone with a bullish signal targeting (from 1.3890) 1.3915, 1.3945, 1.3975 and 1.40 for 110 pips profit.” In essence, to a CandlePro user this should boil down to “Looking for good bullish signals in the 3860-3890 range.”
At 16:45 GMT we got our bullish confirmation - a 15m EUR/USD and GBP/USD DOUBLE with 100/100 Forecast Strength:
It is a) with the strong trend, b) good forecast strength, c) a DOUBLE and d) right in our support zone. They don’t get much better than this as far as confluence lining up for you – these are the sort of trades you should be waiting for.
I normally don’t trade 15m charts very much but as the trend gets stronger and stronger I look on smaller and smaller timeframes to get more entry points in the high-probability trends.