Kreslik.com - traders community since 2006

E/U trading for the coming week.



The daily chart shows an upward wedge pointing to an imminent breakout early in the week. The most likely direction is still upward.

The major zero-line (blue band) at 1.3300 that also is a stop hunt line is the obvious destination of an upward breakout

There is also the upward sloping trend line at the base of the wedge that is the most likely destination of a downward movement. Interestingly, the most likely level of intersection of that line with PA is 1.2699. Right at the stop level of 1.2700.

SR points from last week
1) 1.3158
2) 1.3116
3) 1.3036
4) 1.3032
5) 1.3019
6) 1.2975
7) 1.2955
1.2890
9) 1.2829
10) 1.2724

Trades to place ---

Buy stop 1.3285 TP 1.3300 SL 1.3270 to catch the upward stop hunt. (large trade)

Sell stop 1.2715 TP 1.2700 SL 1.2730 to catch the downward stop hunt. (large trade)

Buy limit 1.2700 TP 1.2735 SL 1.2685 to catch the retrance off the trend line. (small trade)

That blue area you have on your chart is not a ZL. And for your small trade, your stop loss is in the wrong direction =)

Thanks for the comments. Have corrected the SL and renamed the zero line.

Just been trying to formalize my trading approach after a couple of bad weeks scalping.