EURUSD – SUPPORT EXAMPLE
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Hi Rich (and everyone)
I’ve attached this screenshot as an example of the power of Support on the Daily Time Frame. (Note the areas marked by the blue ellipses).
Around the beginning of November, I suggested on this forum that I was looking to the EURUSD to hit 1.0590 (ish). This was based on a combination of my own strategy, Rich’s strategy, and support at this level on 13th April 2015. I entered a number of short positions on 3rd November, closing some out as price moved down towards where I was as convinced as I could be that it was headed (1.0590ish – [I exited my penultimate position on 23rd November at 1.0595]). As I’ve just said, I’ve closed out all but one position, on the basis that I was expecting price to also hit 1.0490 (ish) at some point (Again, based on a combination of my own strategy, Rich’s and prior support at this level on 15th March 2015). Should this happen, I will have netted at least 1,500 pips on this trade (the total of the pips made on each individual position). I should add that I would still have done very nicely without my own strategy by just adopting Forex Breakthrough, and I have done very well on other pairs which I trade as well using Forex Breakthrough.
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