By Steve W.
EURUSD Orders, Levels, Break2013-09-042013-10-01https://1gwmg92knzm144jnudkuixvv-wpengine.netdna-ssl.com/wp-content/uploads/2017/03/ParaT50Blk.pngParaCurvehttps://1gwmg92knzm144jnudkuixvv-wpengine.netdna-ssl.com/wp-content/uploads/2013/09/EURUSD-Orders-and-spike-base-price-magnets.png200px200px
Pretty obvious one today. Clean break on this major downward sloping trendline and up to the order clusters we go. Spike base at circa 3250 and stops right around that 3230 area = magnets.
Chart source: https://www.tradingview.com/u/nobrainertrades/
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Since 2008, ParaCurve (formerly No Brainer Trades) has been a provider of a wide range of articles geared towards a common sense approach to trading using fundamental market analysis in conjunction with globally identifiable technical levels. Steve, ParaCurve's founder, is a 13 year trader, having formerly worked as a sell and buy side global macro analyst for several of the largest financial institutions in the world. You can follow us on Twitter or Facebook.
Showing 2 comments
Steve, what variables you took into account before entering? Or you bought the retest just based on TA? Appreciate,
Antony
Hi Antony – Trendline lunge. Once I saw it being supported. Simple answer: wait for 3 pushes lower (completed yesterday) prior to a break. Again, the spike base is a major magnet – always is. Seeing that alone is usually enough to reverse a short term trend. Very simple methodology here.