EURUSD Intraday Analysis for April 11, 2011
A trend line break to the upside during last Friday's session puts the intraday bias on EURUSD bullish. The blue pivot point on the chart marks the line for my bias -
 |
| Trading plan - EURUSD April 11 |
A trend line break to the upside during last Friday's session puts the intraday bias on EURUSD bullish. The blue pivot point on the chart marks the line for my bias -
- ABOVE $1.4400
- I am looking for viable long entries anywhere above this point.
- Three likely targets for the day
- First: $1.4515
- Second: $1.4560
- Third: $1.4635
- BELOW $1.4400
- If price were to move below the pivot point, I will look for short entries
- Two targets in mind
- First: $1.4345
- Second: $1.4300
- Stops and risk
- Can be placed on the other side of the pivot point of the direction you're trading
- Risk: don't take a long entry if the ratio for a target is less than 1:1
- Specific Entry
- This is my bias for the day, specific entry point may vary. I usually trade if a breakout may be underway or the price has retraced and a reversal candle pattern has formed (hanging man, etc) on the M15 chart OR the currency finds a new line of support above the pivot point.
No comments:
Post a Comment