Wednesday, April 8, 2009

Counter-Trend Trade

Entered Long on Eur/Usd. This is a Couter-trend Trade.

Blue Line = Take Profit
Black Line = Entry Point
Red Line = Stop Loss

Setup is shown, there's the wave, LL-H-HL, QQE above 50, CCI turns from red to blue. 
There's also a sign of positive divergence, look at the arrows drawn, whereby the price is sloping downwards, but the indicators are sloping upwards instead. 

Update: Closed my trade at the Green Line drawn on the chart to secure my profit, as price seems to be heading back downwards, and NY market is about to open.

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