Trade setups and other nonsense from Rob Booker, Currency Trader...
... and Derek Frey, Head Trader at Odom & Frey Futures, FOREX & Options.
Support and Resistance Trading DVD series by Rob Booker and Dave Murphy.
Asian Session: Live Market Analysis
by Dr.S.Sivaraman
November 23, 05:00 GMT
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The EUR/USD 4 HR chart has a delicious setup brewing. Here’s the chart:
Now, the safest place to be in a lightning storm is under a tree. Wait, or in a house. Or maybe for sure, not at the top of a large metal object.
But I digress. Here’s the chart from which I am going to enter the trade; it’s the 1 HR chart and I am really excited about the trade:
The GBP/USD never broke our trendline from a few days ago, so I drew a new set. The old blue line is now the green line (look at that link above for more info) and now there is a new blue one. I’m looking for a break of the blue to take us to the green. It is on a REALLY steep incline.
The EUR/USD is just roaring towards the base green trendline that we talked about last week. At this point, we need to move our stop to break even, and even perhaps take half the profit off the table and let the rest run.
Of course, it’s up to you. If you’re not already in the buy trade, then maybe it’s best to hold back for a bit.
