SniperForexTrader

Hello,

Since the January 10, the euro is moving in a range between 1.4454 and 1.4507. It is interesting to note that there were two support / resitance interesting that could be exploited in the case of a trade on the rise.

The first is 1.4554, the  most significant one . We found another at 1.4489. This last one I used to open a trade.

Moreover, to 1.4454, a divergence began to form in 15 minutes but that was not very visible on the graph (you have to spend 5 minutes to actually see it). Conclusion, I missed my entrance and I preferred to wait for confirmation of the rising trend in 15 minutes.

I took my trade just above the support level of 1.44891 relying on the divergence of MACD, the intermediate support and EMA.

In terms of candelsticks, we had a configuration of a double bottom formed by two bearish engulfing patterns.

The goal was to reach 1.4541, which is a significant resistance is 47 + pips.

On the news, I waited until the ‘U.S. trade balance’ report have passed. So, it “could be” quiet on the impact of the news on the market and a possible abrupt reversal.

Objective :
entry : 1,4541
take profit : 1,4541 (+47 pips)
Stop loss : 1,4521 (- 20 pips)
Date : 13 january 2010

Chart : 15 mn

Regards,
Loïc Richard