38 PIPS GONE IN 277 PIP EURO USD TRADE ~ forex end of day trading system
The EURO USD has been steadily declining over the last several weeks following the turn at the Resistance of its large Pennant Consolidation. There have been very few pauses or pullbacks in this strong downtrend that now has its sights set on the Support boundary of this Pennant, 350 Pips away. Trading these slow trends can be very profitable and with a short time remaining before that boundary is hit, the current trade opened on this pair could provide a very large return in October.
The recent pullback at the Resistance of this Pennant setup can be seen in the Daily Chart below. This large Consolidation was actually formed following the sharp gains for the USD during the period of risk-aversion related to the Financial Crisis.
DAILY CHART - PENNANT CONSOLIDATION
DAILY CHART- OPEN TRADE
To take advantage of this strong trend, entry took place shortly after the currency pair broke a Counter Trend Line (CTL) to resume the trend. The Stop Loss was placed at the Resistance of the Pennant on the 4 Hour Chart and the target set to just above the Support Line.
4 HOUR CHART
As you can see from this chart, someone could actually enter another short position now following this recent U-turn and strong Bearish Candle signal. The Stop Loss would be place above the high of this CTL break.
The strong inverse correlation between the EURO USD and the USD CHF can also be used to capture additional profits. The USD CHF is now headed to an Outer Downtrend Line in a slow steady uptrend that could provide some additional pips when that target is hit.
USD CHF - RALLY TO OUTER DOWNTREND LINE
DAILY CHART - UPTREND
These targets could be hit within the next two weeks and can provide large gains for the patient Swing Trader.
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Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
Twitter: @WorldWide876
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