Well, it is now time to start looking at a trade.
So here we go. It is a long enfulfing trade of USD/JPY.
The chart timeframe is 35 minutes.
There are 10 charts in this series.
To save the work strain, I will post one a day.
Here is the first chart >>>
By
tymen1 at 2008-07-24
Before this trade is started, one would see it coming.
Therefore, preparation is made.
Two 5 minute charts are prepared - one with the Keltner channels and the MACD's.
The other chart is readied with the starc bands.
The "new order" window is prepared to place stop loss orders and/or the market price window is prepared.
These things are done in advance to allow smooth, trouble free trading.
In this chart, we see a nice long engulfing pattern on the lower Bollinger band.
We waste no time in taking hold of this pattern to trade it.