Forex Signal # 1 – Update

Posted on 25. Mar, 2010 by Jakob in Forex Signals, How To, Random Noise

A while back I posted a trade setup for the EUR/USD. You can read it here, and look at the pictures. This was a simply breakout trade and it played out very well. Take a look at the picture below, to see the EUR/USD on a 1-hour chart.

As I wrote in my last post, I would like to enter on a long trade with a close of the one-hour candle above 1.3680. After the first one-hour candle closed above 1.3680, it was trading at 1.3683, which really was an ideal level to enter at. It then had a very short retrace of 13 pips, before I spiked up about 120 pips in the next couple of hours. As I wrote in my last post, I would set the initial stop loss just below the trend line. At the time you could have entered the trade, that would have been a stop loss of some 25 pips, and you could easily have moved your stop loss to break even at some 30 to 50 pips of profit. Additional, the pair reversed at a rather strong resistance level. Although I had expected to see it move higher, you still had a very good chance to partial out of the trade. This is also a perfect example of how successful trading is very dependent on patience. Stay tuned for my next setup.

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Tags: forex signal, trade setup, Trading Forex

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Forex Signal # 1 – Update

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