Lovely EUR long

[Tony Beckwith]

Yesterday's EUR/USD rally was caught automatically on the 15 min. chart by the MTPredictor (shown here using the add-on for eSignal (efs files)).

Minimum Risk-Reward potential beyond +2x at the 1st profit target (Wave Price Target), with plenty of opportunities to bag profits.

As our forex trading customers know well, we don't tend to recommend trying to trade timeframes lower than this - to avoid market noise and risk control problems.

{MTP real-time is also available as an add-on for TradeStation and a standalone for RealTick}

Thanks

Tony.

[gixzilla]

When placing a trade,do you buy after the close of the blue bar?

[AlanD]

Gixzilla,

Hope I'm not jumping the gun on Tony by answering the question but you will want to enter the long position "after" the blue bar has formed and the following bar is breaking above the blue bar in price. In trading Forex, I try to get in within 2 pips in a fast moving market if I am pulling the trigger manually. Putting in a limit order probably works better if you want to get in 1 pip above but having said that, sometimes I like to make sure the break above looks decisive enough. I may lose out on a little profit but the likelihood that the 1 pip above the blue bar was just an anomaly is lessened. Hope that helps.

R,
Alan

[gixzilla]

Thanks for the info!