justatrader

EURUSD - For those who missed the boat

Short
FX:EURUSD   Euro / U.S. Dollar
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20
Trade Strategy:
1. Bearish flag in a down slope price channel
2. 100% Flag fib level + price channel broken support (to be tested for resistance) = a higher probability entry
3. Stops placed a technical level. A rally to 1.25 level will potentially invalidate the flag & price channel
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Some trading notes when using flags. Refer to the description on charts.
In summary:
1. First plot a price channel and then trade any flags inside the channel.
2. Trade flags only in the direction of the price channel
3. Price channels are plotted by identifying 3 swing points, which are support/resistance levels
4. With flags, price generally bounces back from 1.272% to 100% which offers a second entry level (besides the 78.6% break down level)
5. 1.618% is the final target and those feeling adventurous can target 2.618% as well.

Comments

There was a Cypher Pattern in between which made U stopped Out
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