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Chapter 23, Part II. Buy or Sell? Page 4

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 23, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    Commander in Pips: Of course you may, even you have to add what you are really need to. Here is your chart, so what you going to do?

    Chart #5 | EUR/USD 60-min and Smoothed 8-3-3 Stochastic

    Pipruit: Well, it’s obvious that I could not catch the first touch of trend line, but I do not want it, since we’ve said that the more safe way to enter market is using of retracement. Also I see that stochastic gives Buy signal – lines have crossed in oversold zone and come out from there. That’s give me some confidence that probably I can enter long. So, my decision is try to enter long from some retracement of the current upward pullback. But looks like I need a smaller time frame chart for that…​

    Commander in Pips: Sure, here is your 15-min chart with MACD:

    Chart #6 | EUR/USD 15-min and MACD

    Pipruit: Oh, it’s a pity that I’ve skipped nice 0.382 retracement enter right after initial jump from the trend line. But still, I hope that the market will show another retracement and it should be deep, since the previous move down was solid in terms of the 15-min chart. Probably I will try to buy from 0.618 support and place my stop just below the lows – around 1.3840…​

    Commander in Pips: Ok let’s see what has happened….

    Chart #7 | EUR/USD 15-min

    Now in terms of 4-hour chart:

    Chart #8 | EUR/USD 240-min

    Pipruit: Cool! I think I’ve got it!​
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