EURO/DOLLAR TRADE 5-11-2007
TIME=4:28 AM EST
LONG=3482
STOP=3459 or time stop (exit before 8:30 am est U.S. retail sales report) or on 1hr volume weakness or 1hr bear pivot reversal.
TARGET=3525
STOP=23 PIPS
TARGET=43 PIPS
REWARD/RISK=2 TO 1
Friday, May 11, 2007
Subscribe to:
Post Comments (Atom)
2 comments:
i jerry,
from past lessons,would not the high of the range bar be our first target?
thanks,
a grateful student
Yes earlybird you are correct. That is why when I made the Dol/Chf
and GBP/Dol calls I stated that the market would touch one price before it will touch another.
In between those ranges will be areas to take profit for shorter time frame support and resistance depending on the risk tolerance of a particular trader.
When I make a call, you, the individual trader is the only one who knows what you can afford to risk, what you are willing to risk, how much profit is acceptable on a particulat trade.
But yes earlybird you are right on point with your comment and to take profits here would be considered correct under LCM.
But, so is the profit target I posted. FOR EVERY TRUTH, THERE IS ALSO A HIGHER TRUTH, AND ONE DOES NOT HAVE TO NEGATE THE OTHER...
Post a Comment