Trade Idea # 1 EUR/JPY 07-23-09
Posted by Dennis in Currency Trading, EUR/JPY, Trade Idea
A friend at work is looking at Forex for the first time. But he has limited time so he wondered about buying a trading robot. What he really wants is some trade ideas rather than an automatic trading bot.
While I don't normally try to do trade setups as that is antithetical to Guerrilla Trading, I ventured that I could throw out a daily trade idea or some such thing.
There is more thought behind this than I am going to go into right now but here is the trade idea for the Friday Trading Day (5:00PM PDT to 1:59 PDT or 0:00 GMT to 20:59 GMT):
If EUR/JPY (currently at 134.50) closes on a 15 min candle below 134.10 then go short at best available quote within 5 min. Enter 134.10(+/-) Stop Loss 134.67 Target 133.10. Move stop to breakeven when positive 35 pips. If price fails in two attempts to close below 133.80 on the 15 min chart take profit immediately after second failure. Trade may be re-entered once the 133.80 barrier is broken by a close below.
Close trade at best judgment by 11:00AM PDT (19:00 GMT).