typically you could place a pending order over one of these types of trades and set the sl 40 pips from that level and you would be ok. You could also use a lower sl - although right now the lowest I am most confident of is 1.3307 although I strongly suspect that both 1.3258 and 1.3236 to hold
[05/09/2013 13:31:03] prosperityfxpro: you see what happened so far when that level hit kev?
[05/09/2013 13:31:30] prosperityfxpro: the candle (1min) pushed through the level, close above it, gapped down, and has dropped ever since
[05/09/2013 13:32:12] prosperityfxpro: Often however, with this kind of trade (I call it the red trade) it just ‘pokes’ the level and reverses, hence the need for an instant manual order or pending order to make sure that you catch it if its a trade that you want to take
I did not take it simply because red trades are always precursors to the biggies, the blue trades, and these come next. In order to get a blue trade I must wait until price action develops on the 1 hour chart and then enter when conditions are met on the 15 min chart
I want to be very clear with the exit point of EURUSD. I know exactly where it will exit. I am not in a position (trader’s pun! (chuckle) ) to tell you where it is right now. What I will tell you is that Once it has crystallised into a price price level I will tell you. I will also tell you that based on EURUSD 1 hour price action you should not exit early, its technicals are so powerful that if you do you will kick yourself for missed out on more profits. If you want a level to TP early for whatever reason then I would suggest 1.3070
a 15 minute close above 1.3128 will signify the next ‘blue’ trade (I expect to be colossal) as well as this a poke at this level will produce another ‘red’ trade (kevin!!) which in turn will lead to the following ‘blue’ trade again.
I have analysed other signals based on higher timeframe technical indicators. What I about to say is only a possibility and not a certainty: there was possibly at signal at 1.3120 at 21:00GMT with Stoploss 1.3161. If this is the case then there have been 8 further reentries with the highest one being at 1.3137. If the market respects these then I see no reason for any more retracing today and only a healthy drop in price action
EURUSD can do 1 of two things - close above 1.3218 and short or drop below 1.3091 and then short. Looks like the former will be the case. We will be ready to pounce on the EUR/USD at market open Sunday night / Monday morning . I am so pleased because this will mean we get into the trend in a colossal way before another big drop. I can;t wait 'till Monday
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