12/08/04

EURUSD at 6:36am trades 1.3261 x 64. On a 10-minute price chart, there is a downtrend in process. Prior to the entry there was sideways consolidation. Over the last 5 periods notice the stochastic is high and turning over, and RSI is also falling and below its Moving Averages (3MA, 7MA, 10MA, and the green 22MA)

06:36 am Trade entered - - SELL EURUSD 1.3261

 

 

 

At 6:50 price drops to 1:3193

Stochastic reading is low and RSI has a sharp upturn. The GBPUSD (not pictured), was turning up and I decided to close

06:50 am Trade entered - - BUY EURUSD 1.3212

Trade profit is 52 pips (standard account: 1lot - $520, 2lots - $1,040, 3lots - $1,560, etc, etc)

 

 

Here, on the same trade, look at the 4XME charts at the end of the trade:

This is at 6:46 am

 

 

At 06:50 the downtrend closes up as you can see on the next image

 

The convergence on the above chart tells me to take a nice profit now, or sell half the position and move my stops to protect a trade profit on the other half.