Took 1 trade on Eddie today, a buy earning 4 pips. I'm not entirely sure why I closed it at 4 pips. If I had let it run it wouldn't have hit my target but It would be be doing quite well. Before taking the trade I said to myself that I would probably get out at the 1.40 area as there was likely to be large resistance at this psychological level. It hit 1.40 later on in the day and is currently bouncing around that area now.
Long set up as usual, high volume on a down bar and tested on the 20min.
Trade 22 - EUR/USD (Eddie) - Buy @ 1.3961 - Closed @ 1.3965 = +4
Eddie 1hr
Eddie 20min
I took the above trade quite early, setting the order at around 10am. For the rest of the day I started looking into the 5min charts a bit more. Looking to see if I could read what was happening as well as getting used to the idea of trigger numbers. I posted an analysis on Forex Factory earlier on which can be found here. Pay particular attention to the failed test on the right of the screen shot. With the feedback I received in mind i'm going to post an updated version to this blog;
The green and red lines marked on the charts are trigger numbers. A line drawn out from the close of a high volume up or down bar which if tested at a later period becomes a good set up for a long or short. Depending on the scenario.
(Annoyingly, some of the bars have been repainted from the earlier screenshot)
Eddie 5min
That's everything from me today,
Cheers,
Liam
**Edit - Just realised my charts were frozen for some reason so these screenshots aren't up to date as the clock in the corner may suggest. Minor issue, charts and analysis remain the same**
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