The Euro has had a tough time finding a sustained trend lately. But we now have a Super Pivot Stack formed this session.
Look for support at this level to hold and to move off these Pivots shown on the chart.
As usual we wait for strength to confirm the move and go long the breakout at 1.15030. Place a stop loss at 1.13740 and profit target at 1.17740.
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Look for support at this level to hold and to move off these Pivots shown on the chart.
As usual we wait for strength to confirm the move and go long the breakout at 1.15030. Place a stop loss at 1.13740 and profit target at 1.17740.
HOW DO YOU PREFER TO LEARN TRADING? Take the poll: t.me/VirtuesTrading/59
Comment:
The Super Pivot Stack has gotten more compressed in the next session. Is this a sign the price is winding up?
Trade closed: stop reached:
According to my trade management rules the trailed stop loss was trailed and subsequently reached. Although there was some profit in the trade the pullback ate that up and turned this into a losing trade.
A good rule is to trail the stop loss to your breakeven entry point when you have a reasonable amount of profit. This amount could be done on a percentage basis (e.g. 1/2 %) or on a point basis (e.g. 50 points).
A good rule is to trail the stop loss to your breakeven entry point when you have a reasonable amount of profit. This amount could be done on a percentage basis (e.g. 1/2 %) or on a point basis (e.g. 50 points).