Technician
Long

EURUSD: Simple Long on Potential Correction!

FX:EURUSD   Euro Fx/U.S. Dollar
2607 36 25
UPDATE: I should have cancelled this trade based on rule number 5 "Note that If 90 percent of first target is reached without triggering entry, trade is cancelled"
Profit(pips)=-65x2=-130.
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A very simple long setup on trend line break and inverted head and shoulders after a prolonged bearish wave.

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Technician

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
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Skype: Technician - The forex channel
thanks for this post
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Great , I am already long from 1.2704 , noticed the inverted head and shoulders and the trend line break .
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Take a look at Gold, same pattern on 240 , inverted head and shoulder and broke trend line, what do you think?
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Technician TOP LudmilaHanania
Probably its the time to short the USD for a correction, probably most currencies, gold will move higher against the USD in the coming few days. But I would love to short EUR again a bit higher.
+1 Reply
So you are in?
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I put a limit buy order.
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Gino Technician
I got out of my Long with minimum profit. I don't like the resistance at .2750's
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I expect a much heavier correction, the weekly chart looks bullish and the DXY looks pretty bearish. I believe Euro will be one of the best currencies to play the short dollar trade.
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UPDATE: Trade is Active
+1 Reply
First of all, thank you for your advice Technician. I wonder that, where is your limit buy order? Also, 1.27000 line broke in this hour, buy is still valid or not?
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Technician TOP BarisYalcinkaya
My long position was triggered at 1.2700
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Gino Technician
I thought you are out by now, it reached %90 of your first target, now you are in trouble :-) !?
+1 Reply
That what happened buddy, wasn't able to cancel trade... Anyway..
+1 Reply
This trade should have been cancelled, based on rule number 5 "Note that If 90 percent of first target is reached without triggering entry, trade is cancelled"
+1 Reply
Gino Technician
That is what I just mentioned above.
+2 Reply
VelsonChew Technician
Thus, you think we should waiting for further market acting or close the trade immediately ?
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Technician TOP VelsonChew
I am already long, I wont close now.
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Gino Technician
It will be at .28 level soon. It's all a play, the big boys like to play yoyo.
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VelsonChew Technician
However , base on bollinger band , the maximum market will reach is 1.2740 if at short. The market could be reverse if hits 1.2740.
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Pepolape Technician
Do you keep targets and stop-loss ?
Reply
Yeah
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Comment removed
Technician TOP Technician
For my self... dont recommend it for anyone as rule number 5 was broken.
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Pepolape Technician
Please, why this rule?
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Well.. This is my approach, i learned from experience that if price reach target and then go back to entry it usually goes the other way, in this case to the downside. Not always of-course. But this way i feel more comfortable.
+3 Reply
Are you in trade?
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Nope I closed this trade at 1.2635.
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Profit(pips)=-65x2=-130.
+1 Reply
Technician TOP Technician
This is the outcome of breaking the rules
+1 Reply
Pepolape Technician
I keep stop-loss on 1.2610
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Its ur call.. I am out of this trade
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Pepolape Technician
out 1.2639 ;)
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Lets compensate that in the next trade ;)
+1 Reply
Pepolape Technician
dont worry, its the game!!
+1 Reply
Pepolape Technician
i think i'll wait till 1.2574
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Pepolape Pepolape
1.2606 ---> AB=CD and 88,6 of previous move
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Pepolape Technician
im still thinking on this long, SHS on 5' entry 1.2624 stop 1.2606
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