We had a good push up on the Eur pairs on ECB rate decision and Press conference. This pair has now gone into a consolidation between 1.6752 (High) and 1.6698 (Low). Moreover, it is now above the 60 and 15 clouds, as well as the 60 KS and 15 KS Entry = 1.6699 Stop = 1.6679 Risk = 20 pips Profit target = 1.6799 Reward = +100 Pips RRR = 5-1 Once this trade is up + 25 pips, move your stop to breakeven and let it run.
I would appreciate if you leave a comment or like as a thank you Have a great weekend! Allen
Komen
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Just to be clear, you can trade the breakout above with an entry of 1.5658 BUT only AT or AFTER the European open at 2 am est. (indicated by the red dotted vertical line). Please do not enter a breakout trade before the European open.
Pesanan dibatalkan
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Unfortunately this pair has done nothing and New York is now open. I am going to cancel this trade at this time.
If so, since the current price is at about 1.6747, you are waiting for it to retrace 48 pips before entering a long position?
Is that the bottom of the Asian box?
Thanks,
Scott
AGold54
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@bluehound, Hey Scott, Yes, this is the strongest v weakest pair and also the best profit potential wise, the only thing is it does have to drop a considerable amount to the bottom of the box. At or after the European Open, but not before, you can consider buying a breakout above the box, if there is correlated move with all the Euro pairs.