Featured Post

The Science of Getting Rich: CHAPTER VII [excerpt] by Wallace D. Wattles #Gratitude

--- Gratitude THE ILLUSTRATIONS GIVEN IN THE LAST CHAPTER will have conveyed to the reader the fact that the first step toward getting ...

Wednesday, May 11, 2011

A look @ yesterday's $EURJPY long trade


I'd like to talk about yesterday's EURJPY long trade a bit this morning..

I make trade decisions based mainly on daily and 4 hour charts most of the time. Unless I'm intentionally scalping.

For daily charts I use mainly my FXCM charting while I use MT4 platform for entries.

Yesterday's EURJPY long was mainly based on a test and bounce for the second day in a row of the tunnel on the daily. That's what sold me on the idea of entering the trade. You can see this test on the daily chart. I have removed my ICHI cloud for the sake of clarity. The tunnel, as most of you likely know by now, is 2 EMAs set to 144 and 169 making it sort of the core of the 100 and 200 EMA.

Since it was below the 13 EMA [dark black line] it would have to be considered a counter-trend trade.

While this was a small counter-trend move it yielded a total of about 151 pips.

Entries were 115.64 and a 2nd was added on a pullback at 115.47

Exits were 116.15 and 116.46 respectively.

Here is a 30 minute chart showing approximately where the entries / exits took place.

Most of the time I watch 5 minute and 30 minute on MT4

Hope this can help someone out there in some way ;)


No comments:

Post a Comment