dru_01
Short

EURUSD 4 Hour - Short Initiated

FX:EURUSD   Euro / U.S. Dollar
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It's taken quite a while to setup and breakout but its here and its a big target. Taking out my own fundamental misgivings the technical setup shows the T2 target bringing the euro into parity with the dollar - Interesting!!. Since it is the 4 hour don't expect it too soon. As per usual a break of the opposing black entry line is the stop loss @ 1.2350. I've found that the midpoint line 1.1762 works fine as a stop loss but reduces overall probability as you would expect.

My method uses proprietary pivots which a created purely from current price action (no historical back tracking to locate pivots .). They often coincide with traditional pivots which is like any other method but the key is target level. My targets are based on price momentum energy (my way of thinking about it) and where price has energy to go - T1 & T2. The thing I like most is that I don't need historical data and I don't care for fundamentals in the normal run of things as they act merely as catalysts for price movement towards pending targets.

Based on testing and current results I have a 85-86% chance of hitting T1 and approx 75% of hitting T2 without getting stopped out.

As per my other setup's I'm still waiting for the 15% kick in the butt!!!.

Since the target is so big (and the SL) I would tend to use this as a guide and look for smaller setups on the 1 hours charts going short only. I'll post as I see them.

One thing is for sure - I won't be going on holiday to the states for a while :-). Wait a minute I'm hedging my spending money here by going short.
T1 completed ! - wow I was expecting a bit more resistance on the way down!!. Now I'm expecting the bounce off the T1 position as its quite common, therefore I'm going to half my position and then reload on a good retracement (if we get one!)
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