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Posted on February 11th, 2010 by James Alliss.
Categories: Tips, Forex.
I have just seen a very high probability trade setup that I’d like to mention.
EUR/USD long. The pair has reached a major support level backed up by a 1.618% extension and 61.% retracement from the major move. This shows confluence! Price has also tried to take out the 4 hour 50 SMA multiple times and failed. However today it failed again and should have made new lows. Instead of going lower price rejected the 1.3595 area and has shown a reversal signal. I therefore believe the pair will now make its way up to 1.3950 over the coming days. I always trade what I post and I am taking this pair long on a break of 1.3710. I’m not disclosing my stop here but it’s close enough to offer excellent risk reward.
Follow my trading progress by clicking here.
James Alliss.