Technical Trading of EURUSD using Daily and 4Hour Charts
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  1. #1
    Join Date
    Mar 2017
    Posts
    3

    Default Technical Trading of EURUSD using Daily and 4Hour Charts

    Today the 2nd Quarter of 2017 Starts (APR-1 to JUN-30) and EURUSD last traded at 1.065xx where the xx is the last 2 digits which vary Broker to Broker

    My strategy uses Daily and 4 Hour Charts so the trades will be less frequent. It is not uncommon that a trend last 1 year to 15 Months

    Profit Targets are fixed: 1st profit target is at 250PIPs; 2nd is at 500PIPs and so on

    This strategy has no CUT-LOSS concept. I only hedge the existing position if and when the TREND changes

    I Trade with 3 contracts (3 x 100,000 USD) for which the Margin is 3 x 1000 USD. Not all the 3 contracts are committed at any one time

    With the above preliminary here is the 1st Trade

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  2. #2
    Join Date
    Apr 2017
    Posts
    1
    Quote Originally Posted by JoshuaEURUSD View Post
    Today the 2nd Quarter of 2017 Starts (APR-1 to JUN-30) and EURUSD last traded at 1.065xx where the xx is the last 2 digits which vary Broker to Broker

    My strategy uses Daily and 4 Hour Charts so the trades will be less frequent. It is not uncommon that a trend last 1 year to 15 Months

    Profit Targets are fixed: 1st profit target is at 250PIPs; 2nd is at 500PIPs and so on

    This strategy has no CUT-LOSS concept. I only hedge the existing position if and when the TREND changes

    I Trade with 3 contracts (3 x 100,000 USD) for which the Margin is 3 x 1000 USD. Not all the 3 contracts are committed at any one time

    With the above preliminary here is the 1st Trade

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Views: 56
Size:  9.0 KB
    I hope you are right, because I'm taking the same trade too. Hopefully, Sydney open will bring us lower so we have better entry price.

    Cheers.

  3. #3
    Join Date
    Mar 2017
    Posts
    3
    Hi Kovan,

    This strategy captures long term trend that lasts anywhere from 6 months to one year and more. With the 1st profit target set at fixed 250PIPs, I am not even looking at the 4th and 5th digits of the EURUSD's traded price (Pips and one-tenths of pips). Because only the 1st 3 digits (up to the 10th Level PIP) will be common across the board no matter which broker/charting software you are looking at. My understanding is the 4th and 5th digits are now fully owned by AI algorithms. We humans can only make money with a strategy that ignores the 4th and 5th digits

    I have committed the 1st contract at 1.065xx Level and if market goes south I'll add position at 100PIPs and 300PIPs marker (So the Next BUY will triiger at 1.055xx and the final BUY will trigger at 1.035xx)

  4. #4
    Join Date
    Mar 2017
    Posts
    3
    On 24th April 2017, the EURUSD touched 1.091xx, there by hitting my first profit target (250PIPs) level. Earlier I had committed only 1 contract @ 1.065xx level and ready to commit remaining 2 contracts if/when the EURUSD retrace further. That did not happen and I do not want to clear all my position at such early part of the game. Mind you, this strategy captures long term trend and market may reach 500 to 1000 pips in 6 months to 1 year time. So I am clearing half of my holdings at the 1st profit target. So initially I had 1 contract and now I still have half a contract

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