Eur/Usd Trade Entry Daily Break of Prior High of Day.

When I am looking for a trade setup I have Several things that I look for.

  1. Trend direction
  2. Momentum
  3. Price Action

Today I have found all three of these elements in the Eur/Usd So I have taken a trade as all of the requirements fall in line with my trading plan.

 

Let’s start out with the daily chart:

2016-06-01_1645

 

Based on this Chart we are currently in a daily upward moving channel, this could be an indication that the price might be heading back up to the top of that channel. The entry was triggered right on the break of the Prior high of the previous candle and also momentum moving in the direction of the trend.  Now I will drop down to a 15 minute chart to show you the exact entry point.

 

15 Minute Chart:

2016-06-01_1652

I have found it to be more effective when I look at the long term time frame then drop down to the short term time frame for my entries. I am targeting the middle of the range on this trade at about 1.1320

 

Feedback Please!

Now is the time I want to hear from you, What do you think of this trade I just took? Please leave your comments below.

Updates from Previous Trade Ideas:

Also want to give some updates on earlier trade ideas I posted. I just closed around 180 pips of profit on the Eur/Aud Trade that I posted last week and I am still holding my Usd/Chf trade that I took earlier in the week as well.

So right now I am short dollar on the Eur/Usd and Long Dollar on the Usd/Chf which is a type of hedging strategy that I use with Strike 3.0 which has enabled me to go on a really nice winning streak using this method in the past month. The Usd/Chf trade is more of a long term trade which is based off the monthly charts.

If you would like to learn my trading strategy I encourage you to try out the Strike 3.0 Trading System

 

 

 

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • That is a good idea.

  • it still on track , i will sell if EURUSD break its “Weekly W pattern” Neckline

  • Paul, thanks for the comment and I hope you were able to get in on this one. Also the Eur/Aud finally worked out for me but I had to hold it for almost 2 weeks 🙂

  • no

  • CareerJob

    can i use on binary option trading

  • Paul King

    I didn’t like the look of the EUR AUD trade you shared last week, but I can see a lot of merit in this EUR USD
    Infact, I am tempted to copy you, if there is a decent pullback offering a second chance

    Clearly your strategy is providing robust results at the present time. Good stuff!

  • Sergey,

    Thats a great question and one that really depends on what your entry strategy is, as for me If I am trading a daily chart now would work good.

  • Sergey

    Hello traders,
    Today I also found the eur/usd pair nice to trade, it broke it’s old trend line, and I think this can be new trend with big opportunities. The only question is where to go long? wait for a consolidation or enter by market price right now with the price 1.1183?