My views on future trades, past trades, the market and lessons learnt

Wednesday, July 22, 2009

Trade still Valid

Trade plan below is still valid for next 12 hours, although you may want to wait for entry @ 1.4100 instead of 1.4105

Tuesday, July 21, 2009

Long EUR/USD Trade (next 23 hours)

Firstly sorry for not updating have been running around like a clown recently, however I have still been updating all Power Level trades on the thread @ forex factory..

I will be looking to buy from a bounce of 1.4105 PL within the next 23 hours. With a target of 1.4300 or higher (to be held for 1-2weeks).

Reasons for my plan:
1) Power Level @ 1.4105
2) We have broken the orange decending trendline since June. So I would now expect a retrace/retest before moving higher. If this happens within 23 hours, it will correspond nicely with the power level.
3) If you look at history, Price has respected this level nicely.
4) Strong psych level.
5) Weekly PA looks bullish to me now...
6) Monthly PA is starting to turn bullish.
7) Excellent Risk:Reward can calculated here, depending on how you position yourself and manage your trade...


Fingers crossed!

 

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