When I am looking for a trade setup I have Several things that I look for.
- Trend direction
- Price Action
Today I have found all three of these elements in the Eur/Usd So I have taken a trade as all of the requirements fall in line with my trading plan.
Let’s start out with the daily chart:
Based on this Chart we are currently in a daily upward moving channel, this could be an indication that the price might be heading back up to the top of that channel. The entry was triggered right on the break of the Prior high of the previous candle and also momentum moving in the direction of the trend. Now I will drop down to a 15 minute chart to show you the exact entry point.
15 Minute Chart:
I have found it to be more effective when I look at the long term time frame then drop down to the short term time frame for my entries. I am targeting the middle of the range on this trade at about 1.1320
Now is the time I want to hear from you, What do you think of this trade I just took? Please leave your comments below.
Updates from Previous Trade Ideas:
Also want to give some updates on earlier trade ideas I posted. I just closed around 180 pips of profit on the Eur/Aud Trade that I posted last week and I am still holding my Usd/Chf trade that I took earlier in the week as well.
So right now I am short dollar on the Eur/Usd and Long Dollar on the Usd/Chf which is a type of hedging strategy that I use with Strike 3.0 which has enabled me to go on a really nice winning streak using this method in the past month. The Usd/Chf trade is more of a long term trade which is based off the monthly charts.
If you would like to learn my trading strategy I encourage you to try out the Strike 3.0 Trading System
Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web.
Winners Edge Trading has trained thousands of people to trade the Forex markets.
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