EU 4H Channel Trade Long and Short

FX_IDC:EURUSD   Euro / U.S. Dollar
This EU 4H Channel Trade has both short and long trade setups. The price action is in a range. Price will either break the bottom or top level of this range. If the pair breaks the lower range it will break the lower channel trend line then do a break, hook and go. (price breaks short bottom trend line , pulls back long to trend line and then continues short) Short TP's are based from S/R levels. Watch 15 m chart when price is by your TP levels for best exit. If price breaks top range level then enter when first res level is broken. At next TP1 res level close 1/2 of your position if price continues to next res level. If it bounces short close out position and enter a short trade with bearish candles. If price continues to 2nd res level (which is the top of the channel) then close out trade. Price may consolidate sideways there for awhile. Be prepared to enter a short trade with strong bearish candle patterns. These bearish candle patterns would be an engulfing candle, an evening star 3 candle pattern, a railroad 2 candle pattern with the first candle being a long body green candle and the 2nd being an equal long body red candle, a pin bar candle with the top wick being long, or possibly a doji . Once you have a strong bearish continuation pattern enter short. We have many different strategies to learn on our blog and we are constantly coming out with new strategies for traders to learn every week. Visit us below on the website, Twitter or Facebook .
Comment: Price was moving to the top of the range. A buy limit order was in place @ 1.1426 which was hit. Currently up 28 pips with price at 1.1454. I did a trailing stop with my SL by placing it at the nearest swing low @ 1.1440. The nearest swing high is at 1.1469 which I have moved my TP to. I am closing the bag and taking my money to the bank.
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