doctrader
Long

EURUSD 30' Bull Flag Breakout

FX:EURUSD   Euro / U.S. Dollar
FX:EURUSD

I'm long again on this Bull Flag breakout. The market reading is the same as today earlier, but with a different timeframe and momentum.
The actual candle just formed a big Bullish Outside Bar, breaking up the consolidation box and showing the strong up momentum.
The day trading relies good part on timing and momentum, it's important we realize that.
Mar 16
Comment: The top of the consolidation, previous resistance, should now act as new support. That's why I work with a tight stop loss. If this support doesnt hold, I'm done with the trading.
Mar 16
Comment: As said, the previous resistance worked as new support, and the price is going up. I move my SL to 50% now, under the actual candle.
Mar 16
Trade active: The price has gone through the R:R of 1:1, and the stop loss is now moved to breakeven. Before I even think about making money, I think about taking care of my bank, and after that, I try to let some profits run.
Mar 16
Comment: The stop loss is now at 1.0756, the new support formed (there is a new flag forming on 15').
Mar 17
Trade closed manually: Stop loss (already locked in profit) was hitted in the night session. Final profit +0.2%.
I move my SL up as new supports or Fibonaccis are formed, this way I give my trade the opportunity to go for highers profits, but I'm always protected on the down side if the momentum reverses.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out