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eur / usd trade from last night

01/10/2011

I only took one trade last night and went in super light on eur. long. I’m not a huge fan of “picking bottoms” but if enough things line up, it can be a good little trade. This one paid out just over 40 pips.

As seen below, and illustrated last night (this morning) eur hourly is in a strong down channel. Into London, it was unable to make a lower low on the 15 min chart. It bounced off the trendchannel support a few times (which would have been good short scalp entries btw) and each time, was unable to make a lower low.

I entered on the MA crossover, and the small close above the trendchannel. I should have waited for the pullback for a better entry, but my position was light enough I was ok with the entry. I set a stoploss below the recent lows, a take profit on the 50% fib, and went to sleep. I woke up this morning to my profit being hit.

That seems like a good way to pick a short term low.

Stay tuned tonight and I should have my newest “rant and thought” ready to publish. It’s all about control and surprises in the market.

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From → Trades

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