Hello traders,

I hope you're doing well these days. During Monday morning I was trading out of my workplace, so used iPhone only for trading. My trading plan there was really simple: I waited for EURUSD to reach its support line (it was around 1.2190 on my chart), from where I opened buy position. As you can already see, US news helped the pair to rise agressively back to 1.2240 area.

At the moment I entered long position from 1.2215, where EURUSD met another, (brand new!) support line with stop below 1.2212 (just a few pips, as you can see). 

This correction made 50% of the latter bullish wave:

On tick chart I see resistance at 1.2229, so a clear break above this number will mean confirmation for buy position. I'll post the updates on targets a bit later, but its above the previous peak. In other words, I expect another bullish wave.

I wish you all a profitable US session that follows and am always glad to hear from you!

Regards,

Rao Kh.

Views: 156

Comment by Rao Khassan on July 16, 2012 at 2:59pm

Minutes away after the post was posted, the scenario has proved. Nice day! No one likes a looooooong waiting for the result.

Comment by Rao Khassan on July 16, 2012 at 3:00pm

I guess, before trying new highs, EURUSD will revisit 1.2225 area. 

But that's just my subjective "trader feeling", that's not obligatory from the tech view.

Comment by No more on July 16, 2012 at 3:01pm

Nice Rao. Regards

Comment by Rao Khassan on July 16, 2012 at 3:32pm

I manually exited 2/3 of the buy position at 62/64 levels - that's pretty close to 50 pips per trade. Nice jump, again.

Comment by Rao Khassan on July 16, 2012 at 3:34pm

Considering targets, we have resistance areas at 1.2280/90 and 1.2330/40. If you're still long, put TP around these areas.

I'll try during this session to re-enter on possible corrections. Its levels are 1.2248 and 1.2225.

Comment by Rao Khassan on July 16, 2012 at 4:18pm

Now I have a major (in short-term view) support to meet the graph at 1.2242. I think that's the point where EURUSD may try higher again. 

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