Breakout With Support/Resistance
My strategy are based on breakout with support/resistance trading. If it does work I will add more to the trade but limit to 3 positions. Either it will take profit or hit stop loss. I focus only on eurusd because this pair high volatility, low spread and easy to analyze.
--max open positions are 3 in one trade.
--only open next position when initial/previous position in profit.
--take profit are 80p from the initial position.
--stop loss are 40p from the last position.
for some reason, I will start trading on a new account next week. still using the same broker Alpari Limited (alpari.com) and with usd350 amount of capital I will trade lot 0.02. assume my stop loss are ~70p, I will risk 3% per trade. if you wish to follow me from the beginning, you are most welcomed.
due to last night high impacted of usd news, one of my trade has been took out due to hit stop loss. both trades are using same risk, 55 pips stop loss. i sure many of you had this experienced, price took your stop loss, very frust if only one pip then move back to your favor direction.
usdcad: price came down, took my stop loss and move further 12 pips down before going up.
usdjpy: price came down and only 11 pips from my stop loss, before going up.
The following are latest short-term (mostly intraday) trading strategies for EURUSD, USDJPY, and GBPUSD.
EURUSD: Softness continues, and there's still no reason to fight the trend. Still like being short, adding on any recovery near the 1.1098 previous low, with a 1.1155 stop. Would expect to see some demand around 1.1000, but overall it looks like the first real support is the 1.0765 low from September 2003.
USDJPY: Buy USDJPY dips towards 119.50 with a stop below the week's low of 119.38. Resistance is 120.50 ahead of 121.80
GBPUSD: Would sell on rallies to 1.5270/80, targeting a test of 1.5200, with a stop above 1.5300.