September Real Estate of the Month Trade Setup Idea setup

This month's ProAct Traders “Real estate of the month” (formerly the pay your mortgage trade) idea is found in the EURAUD pair.

09/12/18 1.6271 start target= 1.5597 for 674 Pips

We took the first trade on the break of the 0.382 Fibo AFTER the head and shoulders pattern and are up 70 pips.This is a good trend potential and the target at the bottom is 1.5597 which means an opportunity for 674 Pips. The previous up trend exceeded that total.

We are looking for an initial move to the former day chart top support @ 1.6152 which was respected 5 times.The bounce will be a pullback and the “pullback is my friend”. And a wave 2.There are 6 large Wide-Open Space’s (WOS) here – Don’t Miss those BIG Opportunities!Any pullback offers increased opportunity to add positions.

How to trade it? You will need to wait for your set-up to show up, for London & New York traders on the break of the current flag pattern (pole trade).Take your first entry and use the respective risk reward ratio to start trading this currency pair. We have preplaced entry orders (sell stops) on the break of each Fib and barrier to the downside and any rally should be considered an area to add to the position.DO NOT TRY AND CROWD THIS PAIR WITH TIGHT STOPS.Remember the “pullback is your friend” in route so use those to add to the position.

The pair typically has pullbacks in the 90 pips range, so every pullback could add an additional 90 pips to the trade with another position. Manage that Pullback by removing all but the FIRST TRADE.Currently the ATR (14 Day - Average True Range) of the currency is 111 Pips per day (which is higher than its 180-day average of 105), so this might take about 2.5 weeks with pullbacks!

Posted to Introduction to Forex Tar... on Sep 12, 2018 — 12:09 PM

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