Tuesday, November 1, 2011

Last night's entry

Last night's entry around 1.3730, would've worked out very nicely for the most part. What we have on the chart below on the left side was the solid entry point I might have looked for in this trade, with a stop above the most recent support level at 1.3774. A pretty solid stop-loss and a quick 100 pip gain over a couple hours. At the bottom of this trade the 1.3650 area has long since been expected to be a battleground S&R level, so here would probably be a good place to take some profit on half your position and let the other half run at a BE+5 stop or something along those lines. The trade would still be running pretty solid around the 1.3681 level finding resistance after this latest move upwards. Currently there's a drop brewing in the price, and I'll be interested to see how it reacts again around the 1.3650 level if it makes it down. For now I might just sit back and hover on some of the longer timeframe charts to try and spot any useful or decisive information.

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