Major Trendline as Profit Target
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I’m back. Please find attached a 15 minute chart for the EURJPY showing a major (daily) down trendline which originated on 8th December 2014. I have also marked up the MOR for April 2015, and the DOR for the day, indicating that buy trades were the preferred option on this day, the 29th April.
The trade was entered on the engulfing candle at about 15.00 – level 131.26, with a profit target of the major trend at 132.45, which it achieved about 2 hours later.
Any comments, good or bad, please.
Hi Martin, looking good. Nice trade!
If you took a reading from the daily chart (the price at which the price action of the day would intersect the trendline) and plotted this as a horizontal line on your 15 min chart would the target come in close to your diagonal line? The changes in scaling from daily to 15 min can sometimes distort the position of diagonal lines left in place.
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