Wednesday, April 25, 2012

$EURUSD charts - short entry at 1.3231

Charts with explanation of short entry at 1.3231:

It starts at the daily chart level, where a confluence of a trendline, 61.8% retracement, and price takes place.
EURUSD daily
At the timeframe to help trigger the order, there's another connect 2 points and extend trendline in confluence with an overbought stochastics indicator.
EURUSD 15 minute
Historically, these swing trades get stopped out more than 50% of the time at my original stop, especially with the relatively tight stops I use in relation to the target objectives.  Since I'm usually targeting a profit of around 10R (R=initial stop loss amount), the numbers work out even if I'm wrong often.

No comments: