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 This latest
trade in my high risk, high probability trading strategy involved a short on
the EURO CAD which recently started
to break from its Range pattern on the Daily Chart. This break was also in sync with
the bearish candlestick formation on the Weekly Chart the week before, as the
breakout from the Weekly Chart’s Pennant continued to indicate further losses
for the Euro. Once again, the trade involved using the signals and patterns of Candlestick
Formations, Trend Lines and Consolidation to indicate market direction on the
larger charts followed by entry on the smaller time frames of the 4 Hour
and 30 Minute Charts. The trade was also supported by recent short-term
economic data for Europe and the United States which were released the same
morning of the trade on August 14.
 TRADING STRATEGY
The strategy involves trading a combination of high probability signals and patterns across time frames that indicate the start of a strong breakout. The risk
involved per trade continues to be 15% for a 2.5 Risk-Reward ratio, with 100
Pips set as the profit target to be hit within the 2-day holding period limit.
The key to these trades to justify this 15% risk is that the signals and s…
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28/68
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The aggressive
short-term trading strategy explained in my last article was recently applied to
the EURO AUD last week when the Euro experienced significant losses against
other major currencies. The lukewarm response to the Spanish bond auction
renewed fears about the economic outlook for Europe
and its common currency, leading to declines against the USD, Aussie, Pound and
Canadian Dollar.
 
More trades such
as this are likely in the weeks ahead as the Euro loses more strength
against the majors. Although we might actually see a brief rally this week as
the pairs retrace in favour of the Euro, this is likely to be temporary ahead
of further declines towards the end of April.
 
EURO AUD
 
On April 5th, the 4H Chart
had formed a Descending Pennant at a major downtrend line and broke an Inner
Uptrend Line to signal a strong possibility of a pullback. The other reasons to
have expected a decline were that
 
the pair was at the end of its average Weekly Range of 500 pips
it was also just below the Support of the Weekly
Chart’s Range which normally leads to a pullback
the Euro had already started to decline
significantly against other pairs earlier in the week.
 
 
4 …
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positive avatar
positive 2012年04月11日

I too use trendlines from higher TF's to set up trades on lower TF's . +1

belman avatar
belman 2012年04月15日

good luck+1

kkforex avatar
kkforex 2012年04月19日

Good luck 1+

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