EUR USD 10 Min:

Price rose strongly from open in a tight channel reaching high of the day and drew back in two waves to the 10 MA Low 1 High 1 Low 2. The Low 2 immediately failed and engulfed up into a High 2 long with entry being 1 pip above the engulfed candle.

The hard signs for the trade were a Failed Low 2 engulfing to High 2 long in a strong up trend from first hit of the 10 MA.

There were no deal breakers.

Trade management: The trade had to be made safe at the first possible point of reflection which was the daily high. 75% was closed at 3.1 pips (at which point SL was set to BE minus 1 minus spread) and 10% was closed at 4, 5% at 5 and 5% at 6 pips. And the rest was closed at 10 pips.

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Comment by Md. Arifur Rahman on April 29, 2015 at 11:08am

good analysis

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