Here is the final trade on that eur/gbp. Didnt quite sell on the target line, must have been a slight mistake with my order. Nice trade though, as it was a straight shot down with little resistance.
I mentioned something called "switch backs" on page 1. The term is borrowed from trader Tim Morge. Basic s/r states that when a support or resistance level is broken, that level, then becomes the opposite of what it used to be. When price comes back up/down to that level, price may see buyers/sellers. Here is an example on FAS. That blue line where price had the breakout, WOULD have been double bottom support, should the price held up, but it didnt. That blue line then becomes resistance as you can see price testing it.
K-man, had a good trading session so far today with Kospi using breakouts. Up a million and change in KRW. Too bad it's only simulated money. I'm going to call it a day here. I'm tired and got some stuff to do. It's been a long week back from the year-end holidays. Keep up the good work. I like your ideas.
Thanks. I hope it all works out . -- Got my short order waiting at 108.463 on this switch back. Expecting this resistance level to hold, if not, I'll be adding more short at the 50% line. Still got g/j orders waiting too, but doesnt look like tonight's going to be all that active. G'night.
Beautiful breakdown on eur/jpy last night!. Got short right at the top of resistance, and have 808 pips on the trade right now with stops at break-even. I was asleep when the T1 was hit, but either way i'm guaranteed to make something.
Got a break of gbp/usd last night. Again I was asleep so I didnt take it, but you can see that this is probably a false break. By looking at the breakout candle, and the long lower wick, there were obviously buyers in this area to shoot it back up. I'm going to follow this one and see how it plays out.