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CHANELING A BREAKOUT

 
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MISTER PIP

CHANELING A BREAKOUT

Here the presumptive indication is to GO LONG! on a perticular pair, EUR/GBP, the channel streams slighly demure.  I look for great strength in flow, major moves of currency, but not here the creek is chanelled to the downside.  Maybe, it's a Good Thing?  I then apply my strategy, which is designed to capture the breakout to the HIGH side, with some sell net to the lower side, to a minor degree set to a closer mesh and a tighter profit target, just in case.  I don't want to loose to the down side in case it turns out to be a dead drop.  The pip is mine, and I intend to get every bit of worth.  So, having collected the fakeout on the downside swing, the upside should produce 100 pip.  I set profit targets at 25, 50 and 100, three to one on the downside.  pics included.

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Tue, 09/04/2018 - 1:58pm
 
MISTER PIP

The four hour chart, H4, shows the placement of the profit targets and the overall direction of the preceding flow. This flow was disturbed by some major profit taking and is now moving back on track! Pics included

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