Update 04-01-08 2pm:
I traded this pair 3 times today. The number of lots used were the same. The first trade hit my TP of +70 pips. The next one was a quick +20 pip scalp and the final one was a -26 pip loss.
Trade 1: +700 pips
Trade 2: +200 pips
Trade 3: -263 pips
Total Pips: +637
Total Profit: $637
The Trade:
The Euro has moved to new highs against the Dollar, and its now time for some pull back. Shorting the EUR/USD pair.
System:
The trade is based on the OzFX system on daily charts. But its also very close to being signaled by the A-MACD system.
Reason:
After the rally, its now time for the pullback and brief consolidation. According to the OzFX system, the price is now in pullback mode. AC and AO have turned red. And the Stoch is moving downward form oversold territory.
On the trend indicator, we see the RSI, Stoch and %R moving down confirming downward trend.
On the A-MACD system, we see the 5 EMA has crossed below the 20 EMA. The 34-CCI is almost crossing the 0 mark indicating a down turn.
OzFX:
Trend:
A-MACD:
HAS:
Elite:
Rating:
This trade would be a 4 star. The indicators all signal correctly. However the price is above the 200 SMA and we are shorting the pair which is going against the long term trend. But since the indicators all point to a strong trend, I am going into this trade with a bigger position, but targeting only a 50-75 pip profit per lot.
Entry & Exit:
Lots: 10
Entry (Short): 1.57243
Stop Loss: 1.58234
TP: 1.56543
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