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AUD/USD 31 Jan 2011... Hit!
by Eva
Entry point is the middle line, stop is the lower line and limit is the upper line.
Trading using the 15 minute chart, which gives the best accuracy when you're looking for trades when the USD market opens for the week (5pm Sunday New York Time). I spotted the candlestick formation that I affectionately call the "comeback king" forming, so I waited until I was sure (ie, the candle closed and it WAS indeed a comeback king)and I placed my trade. Entered the market at 98840, placing my stop at 98560 and my limit at 99200, which was just under the most recent support/resistance line. The market came up and ALMOST hit my limit, then backed off a bit, which had me sweating but I stayed patient and remained in the trade, and I'm glad I did as the market came back and gave me 36 pips as well as a smile on my face :) |
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