[TW] 2012-08-13 Long EUR/USD by Bijoymj

[TW] 2012-08-13 Long EUR/USD by Bijoymj

Chart : 4 Hour
Long or Short: :Long

Entry Point: 1.2250 (At Channel bottom)
Stop Loss: 1.2150 (At previous low)
Profit Target/s: 1.2500 (At Channel Top)
Reward-to-risk Ratio: 2.5 : 1
Risk percentage: 2 %
Indicators : Stochastic, Channels

Trade Rational: Seeing the formation of an upward equidistant channel in the 4 hour chart and price is reaching it’s bottom. Also Stochastic is oversold and a bullish divergence is in formation.

Trade adjustments. Presently Nil. If any adjustments are made, that will be updated through this thread.

Ok you’re right but I would add that there is also a bullish engulfing so I will buy immediately EUR/USD without waiting for 1.2250 level.
Good luck, I’m with you :wink:


Buying at market also can work well by keeping SL and TP as is.

Its a nice channel but reason I am not taking the trade is the strong reistence at around 1.2322 and also the 200SMA which has acted as strong resistence in the past. Also we are in a downtrend of course. Good luck though i hope i am wrong for you!

Almost similar to my idea. 1.2500 target seems a bit overstretched. You realize we have a cap before that number?

I like this idea, I’m going to be doing the same on it. Also, I like the idea about the downtrend, definitely something to watch for, but I think with the downtrend, depending on how far back you go, it looks like there’s some steam left to the upstroke on the trend. You have to back and draw the line from last year about this time, but something to think about.

Definitely. Some adjustments are required on process, It is necessary to get out the resistance area @ 1.2400

I feel, resistance @ 1.2400 is stronger than that @ 1.2322

I am personally long this pair at market 1.2285 with a stop at 1.2239 and targeting 1.2405 with an extension into 1.2450 in view. will be short around 1.2460 if it could make it there.
Looking forward to a great start to the week and wishing you best of the week!!

Not a great lover of this trade. If you check out the daily price, the pair have been in decline since February and look as if it’s dropping of the top of the descending channel. I’m going short with a target of 1.1950

You will see your channel broken :stuck_out_tongue:
I’m kidding, have a nice trade and good luck :wink:

100 % supporting you for your present trade.

Best of Luck

Hi Bijoymi,

On this trade did you/would you move a trailing stop up below the price rise? (I’d be guessing yes). And if so, how many pips below the moving price would you keep the trailing stop?

Thanks :slight_smile:

No trailing stop is added till now. Planning to bring SL to BE or even up to 1.2300, when price reaches 1.2380-1.2400 area, where a resistance is expected.

hi, just joined. been using channel trading for many years as full time trader. just wish to add on that there’s a much higher chance of it turning down from around 1.2400 and max 1.2440. so actually for those that haven’t got into the trade, be better if you look for shorting chance around this area.


thanks for the reminder :-). will take note of that too.

cheers to anyone who happen to see my comment and heed the call for shorts :slight_smile:

hey hey hey, the price is the same of monday, a short position is not so great :wink:


i’m not sure have you took a closer look and counter check with the price then of my original posting or are you making just a off short no brainer comment. if you take a closer look, you would have notice that my 1st comment was posted on 14th aug near 2pm my gmt+8 timing. the price then was about 1.2375. right after it went as far as 1.2385 then drop to a low of 1.2265, a 120pips drop!!

i don;t know what kind of trading style you have brudder…but as a trader one should be nimble and react accordingly to the market price movement, if you cannot profit from this kind of 1-2days 100++pips movement then please refrain from commenting stuff like "hey hey hey, the price is the same of monday, a short position is not so great ". it just shows that 1stly you don’t study things in detail (the timing and date i posted, the prices at that moment etc), and secondly, you must a great trader who looks at long term position trade of 300-500pips, that’s why you think a 100pips gain within 1-2days are “not so great”.

said my piece…thanks