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Today we had a good trade in Cable at the London Open. This is the set up:
- 60 min chart: MACD divergence just before the European opening.
- 5 min. chart: Price breaks the Asian channel before the Frankfurt open (I missed it)
- Second chance: 5m. Top formation for 1 hour. Trendline broken. Entry signal. Stop above previous swing high.
-Target: 1.4850 (21% retr. previous leg up in 60 min. and round number and close to previous 60m. swing low)
- Result: 100 pips for the pocket (Not full size as I use partial profit techniques)
why do u use 5min to trade today? it is not a holiday today
if i were to make 1million in forex? am i even able to withdraw that amount of money since forex is not insured at all…..
Shaun,
If you zoom in to the 1 min. chart you’ll realize that the trendline is the same in both charts (5 and 1 min). I selected the 5 min. for the explanation as we can see much better the global picture in the chart.