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aztrix
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Posts posted by aztrix
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I received a PM asking about this trade.I missed this trading signal last night because of its timing, but for those of you around the globe who were up and monitoring the EC, I thought I'd go through it for you...
The euro market had been channeling for several hours. Just after midnight (GMT +7) the market broke upwards out of the channel. We see the price action waiver around for awhile and then retrace to the breakout zone, followed by a quick move upwards and back down.
The market proceeded to move through the channel and downward, followed by a test of the lower channel zone. A doji formed at the test point. A downward break of this doji around the 1.4220 area led to a sharp decline to the 1.4120 area, a $1200 (plus or minus) profit per car for those involved. Not bad for a $200 risk...
Notice how waiting for the doji test of the channel zone kept one from taking the breakout to the upside and getting stopped out.
Similar signals in this market happen all the time.
Question is, are you getting these R/R ratios in your trades?
Luv,
Phantom
I realise this is fairly old news but I am still interested in this after losing this thread :crap: for years and happening upon it again this week
Isn't there a false breakout/reversal with a hammer 5 bars earlier which would have provided a better entry point ±1.424 with a much tighter stop loss and consequently better R:R ratio? Curious minds would like to know!
BTW Like many other before me I've found this thread invaluable and would personally like to buy you a :beer: one merry day phantom :deal:
cheers
aztrix
What Really Works for Technical Traders
in Technical Analysis
Posted
As per your statement "Just use the 20 period moving average as your trend filter and NEVER trade against the trend on the 15 minute chart." I'm slightly confused with this strategy which seems to fly in the face of trading with the prevailing trend i.e. long.
The price has retraced to the 20 EMA with a nice doji setup, would you not have a buy stop 1 tic above the doji and a stop loss 1 tic below it? Or is the R:R to small?
cheers
aztrix
Still learning the ropes