[Cory2679]

EJ has taken off...

I had written off everything except the GU as dying and going sideways (the holiday was on my mind)...I guess I was wrong.

I've also attached a zoomed out EJ chart...showing what could be a potential long opportunity trading off a larger degree of trend.

I should mention that I'm not in this trade...I saw it too late unfortunately...

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Update: Looks like the EJ found resistance at the last breakdown point. It has offered a second opportunity to get in.

Update2: I've moved my stop. I may be being too aggresive with my stops today...

[thalestrader]

Originally Posted by rigel »

BTW are the exit targets (green lines) fib values i.e 1.68, 2.68 of the range between the 2 blue lines?
If you had traded this, where would be your entry and stop loss?

The targets are usually 1.618 and 2.618 of the Low to High as measured from the Higher Low. I will often place my actual target 1-5 ticks inside the fib level, and of course, actual S/R always trumps fib levels for me. For that reason, the targets applied in this example were the 1.27 and the 1.618.

Entry would have been a buy stop at 1.6293 basis the spot, stop loss 1.6247, with targets at 1.6347 (+54 ticks) and 1.6376 (+83 ticks) for an profit on the trade of 65 ticks versus a risk of 46 ticks. I usually only take a trade if the first target offers at least a 1R profit.

Best Wishes,

Thales

[thalestrader]

Current look of the EURUSD ...


Best Wishes,

Thales

[Cory2679]

Originally Posted by Cory2679 »

Current (little late, sorry) look at the GU...

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Update: I know there hasn't been a lower low, but I'm playing it "safe" and moving the stop...I may regret it...who knows...

Oh well.

We eventually got that lower low I was looking for...

I realize there may have been a long opportunity in there...didn't catch it though...went for a quick jog on the treadmill while I was waiting!
(Although, I'd probably hesitate to go long just a few ticks below that breakdown point like that...)
EDIT: Looks like the long would have been a good decision, though. Oh well, I'll live.

[thalestrader]

Originally Posted by Cory2679 »

EJ has taken off....

It's still taking off for you Cory!

Best Wishes,

Thales

[Marko23]

EUR/USD: almost nothing happens when there is no trading in the U.S.

[patrader]

[patrader]