Friday, 2 July 2010

€$ Reaction line channels price -breakout.& trade entry

Here is the breakout somewhat earlier than i expected but hey, you take what cards you are dealt. The trade entry was a buy stop at 1.2527 and i wanted to make sure that price had truly gone through the RL in the 5, 10 & 15 min TF's. The original stop was 1.2520 by which i was just below the RL if price decided to try a retouch. I hardly had been filled as price took off and i was able to move the stop to B/E within a few minutes. My objective is the 1.2575 level where i have my eye on a UMLP of a fork that price has been interacting with PLUS a downsloping RL from a longer term ML set.

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