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12:28 am
February 28, 2012


FXChris

South Florida, USA

Admin

posts 80

Post edited 12:35 am – February 28, 2012 by FXChris


Yesterday was filled with Forex trades well over stretched from their dynamic s/r (Daily 5's etc).  While pairs like eur/usd were dropping, what caught my eye was how resilient Aud was seeming (it had no daily 5 gap) yet Euro itself looked like she would swan dive. 

This prompted me to take just 1 look at the eur/aud and when I did, low and behold a lower high was forming Exactly then at 4am EST. I told the Forex trading room I shorted at 1.2697 with a stop at 1.2622 for a nice risk profile.  As you can see in the graphics she sailed much further than I had thought and kicked out a brilliant reload at the NYstock market open.

eur/aud short

 

Sure there were other things going on, yen baskets etc.  However, this is exactly the sort of trade I seek out every day, where it frankly requires nothing more than patience to wait for her to reach the target.  Maximum strength (AUD) and maximum weakness (EUR) at the time.  Relative strength, marrying strength versus weakness is Always priority one in Forex, your trading day will become much easier if you play it that way all the time- do not overlook it! Wink In the last picture you will also see what I consider a complete 'cycle' in stochastics as the perfect 'kicker'.  I do not look for crosses at all I trade price action, but the cycles are an invaluable secondary trade confidence tool.

eur/aud short total move

eur/aud reload and take profit

Happy Pipping!

 

FXChris

SmartPip.com

FXChris


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