EUR/USD - Tuesday 21st Oct

[andys0506]

Ok, price is clearly on a downtrend.
Again, the green and red lines show prev days highs and lows. Purple lines show areas of sup/res. I normally also draw a fib of the prev days major swing move (pink on my chart)

Purple line shows the low from 10th October and this morning it was clearly holding as a strong resistance level. Was looking for a retrace back to 1.3285 but this res was holding, so happy to short at current price.

08:50 Short 1.3251, stop -100 1.3351
Initial target of around 1.3189 (+62) calculated from 75% of the daily ATR. But will monitor price as it drops as there is no real support levels around apart from fib extensions. We could see a really big move today.

 

[andys0506]

Ok well price has come back, so out for breakeven. Re-entered 1.3252 which happens to be just below the purple res line and also at the 38% retrace of todays move down. Stop at 1.3305.
This time with a stop at around 1.3305 level

 

[andys0506]

Ok well price has come back, so out for breakeven. Looking for another reentry on the short side...This time with a stop at around 1.3305 level

 

[andys0506]

Price now at +20, stop moved to breakeven for risk free trade.

 

[andys0506]

Stop moved to lock in +30 pips (1.3222)
May she continue down
Targets of 1.3185, 1.3160

 

[andys0506]

2nd target met, stop moved to 1.3202 (+50)
Next target of 1.3135 (+117) at which I will exit if reached.

 

[andys0506]

Trailing stop moved to lock in +70 at 1.3182

 

[andys0506]

Stopped out +70

Thats it for the day My aim to to average 50 pips a day -> 250 pips a week.
Obviously some days will be losing days therefore I try and run my winners as far as possible rather than cash in as soon as 50 pips are reached.

So +70 today and +40 yesterday -> +110 for the week so far.