I didn't take this one but it was a perfect setup...
The first picture shows the chart without comments, so you can try and spot the entry point.
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| Click to enlarge |
Note the vertical red line and try to concentrate only to the left of it. Euro is in an uptrend (higher highs and higher lows) and the purple ema (20) is above the red ema (80). Now look at the indicators at the bottom. Both CCI and Stochastic move at the same time from below (or touching) their lowest levels (the horizontal dashed lines) towards their highest levels. They are your trigger.
The entry point is marked by the green arrow, just above the previous candle at around 1.3714. Stop loss (white cross) below previous low and, for safety, below the red ema at around 1.3676. After the initial movement, stop loss could have been moved to break even or to the point marked by the orange cross.
Target profit would be at D-R2 (D-R1 was too close) or based on a number of pips. The stop loss was 38 pips, so TP would have to be 38+ minimum.
Another option would be to sell half stake when you reach 30pips and bring SL to BE.
Two other entries (one before and one after) were still possible in the same chart. They were not perfect setups as the stochastic was not as synchronised with the CCI.
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