Hello folks,
Some few days ago I was mentioning the breakout of the upward range we had seen on EURUSD from the low 1.50′ies to 1.6000. Indeed, EURUSD upon having formed a double top at 1.6000, broke the upward channel bottom to the downside.
At that time I mentioned that those who like to trade within ranges could have a very good short opportunity by selling the EURUSD after the first pullback to retest breakout levels. Also, the logical target would be the range bottom in the low 1.50′ies…
Well, the pullback did happen, it did retest breakout levels (see picture below), and from there it dropped almost 500 pips within the last few days. Very nice high-probability trade setup, isn’t it?
As I always say, price action trading is nothing but buying support and selling resistance, especially if it’s aided by a solid breakout. EURUSD has just proven, once again, that this simple-yet-effective technique is all a trader needs to be successful.
11 August, 12:08 pm
Great call Hector! Now we need more trending across the board. Maybe after watching the EURUSD breakout, the big boys are rushing home from their vacation.
11 August, 9:30 pm
Pipmaestro (i love your nickname) : hope you pick up some good pips on the trade hector posted.
I am totally new to automated trading guys - i read a few articles, about the yearly contest that goes on, and that it seems to be too good to be true (my instinct tells me that it probably is then)
What is your experienve on these robot expert advisors that so many programmers vouch are better than the manual daily routines so many of us go through?
..::Daniel::..
13 August, 7:59 am
Daniel, the first part of this article addresses your question: http://championship.mql4.com/2008/news/366
I currently use MQL4 for developing tools for assistance in my trading … gathering data, triggering alerts etc.
I will be developing EA’s shortly that will be a hybrid of automated with some ongoing user input (like when are news events coming etc”.
7 November, 11:05 am
I agree with you. This could be the best time not just to buy Forex as well as to do some investment in stock market. I was reluctant to for this, but your post changed my mind and now I along with some of my friends i have planned a chuck of money to invest in Forex.
12 November, 9:51 am
nice observation about this, good post indeed, i used to ignore these small but essential points, but as i just read your post, i think these are quite important for a forex trader. Thanks again.