Example of a pullback after a break on 15 min forex chart
DRUM ROLL……. 215 pips gain 1st day of the week. WOO HOO. Technically we haven’t started the “challenge”, but the target is 75 pips a week !! We just did almost 3 weeks in a day.
To tie up these results, with my morning analysis of what I THOUGHT was going to happen, Click on the link next to the day, below
Monday April 20th 2009 + 215 pips. Analysis:
http://forex-fxtrader.com/blog/?p=170
Posted buy on Euro/gbp +25 + 65
posted sell gbp +40 +70
posted sell euro +15 +0 *
* i went for a walk at this point ( i had made enough for the day). some of you emailed to say you caught this move again later (same analysis). One of you took 50 pips. well done. Important educational point. Did you notice that the price pulled back & was rejected 4 times at 55 ema on 15 minute chart ?
Thus the 55ema can be said to be in control until it breaks back up.
Therefore you could have taken a short on 3rd or 4th rejection with small stop just other side of the 55 ema.
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