GBPUSD EURUSD Night 24 Feb 2010

Posted by GBPUSD 100 On 7:59 PM

Morning Trade Review
GBPUSD Breakout for Short is fulfilled with 30-40pips {if the price is unable to break the lowest price after 3 hour, trader should close the trade near EP to observe the market direction}. For those didn’t close the trade due to too less profit, this trade will be no win no lose.
Setup for Aggressive trade and Breakout for Long are invalid.

Setup of EURUSD Breakout for Short is valid with 30 pips profit.
Setup for Aggressive trade and Breakout for Long are invalid.
Hundred Pips Executor successfully accomplished mission.

Tonight is focus on talk of Federal Chairman Ben Bernanke. The market is definitely going to move in big momentum. Beware of the false breakout create by the market maker.
Recommend strategy for this Night: "Sell High"+ "Buy Low" by using the least stop loss to earn the most target profit.

For low risk trader: In order to prevent false breakout, you shouldn’t enter trade without retrace after initial breakout. Flexible during trading, the way of handling will determine the quality of your trade.

GBPUSD - Strategy for Night
Breakout for Long - EP{1.5518, wait for retrace and breakout upward again to buy},
SL {1.5491}, TP1- 1.5623, TP2- 1.5683, TP3- 1.5743}.
If hits SL, trader should wait for retrace of 10-20 pips {to play safe, low risk trader waits for retrace and break SL price again} to enter opposite trade – sell. The strategy is same as Breakout for Short.

Breakout for Short - EP {1.5411, wait for retrace and breakout downward again to sell},
SL {1.5449}, TP1 - 1.5288, TP2 - 1.5228, TP3 - 1.5168.
If hits SL, trader should wait for retrace of 10-20 pips {to play safe, low risk trader waits for retrace and break SL price again} to enter opposite trade – buy, the strategy is same as Breakout for Long.

EURUSD - Recommended strategy for Night
Breakout for Long - EP{1.3628, wait for retrace and breakout upward again to buy},
SL {1.3591}, TP1- 1.3733, TP2-1.3783, TP3- 1.3833}.
If hits SL, trader should wait for retrace of 10-20 pips {to play safe, low risk trader waits for retrace and break SL price again} to enter opposite trade – sell. The strategy is same as Breakout for Short.

Breakout for Short - EP {1.3559, wait for retrace and breakout downward again to sell},
SL {1.3423}, TP1 - 1.3428, TP2 - 1.3378, TP3 - 1.3328.
If hits SL, trader should wait for retrace of 10-20 pips {to play safe, low risk trader waits for retrace and break SL price again} to enter opposite trade – buy, the strategy is same as Breakout for Long.

After 23:15 {GMT +8:00 Singapore}, if the market trends up but failed to break
GBPUSD{1.5518}, EURUSD{1.3628}
Waiting for the direction to reverse and trends down before enter a Short trade, SL is 28 pips away from EP.

After 23:15 {GMT +8:00 Singapore}, if the market trends down but failed to break
Breakout for Short or false breakout
Waiting for the direction to reverse and trends up before enter a Long trade, SL is 28 pips away from EP.

Aggresive trader who dare to enter opposite trade after hit SL.
GBPUSD near price of “1.5480”,
EURUSD near price of “1.3600”,
When the market is no longer going upward instead it reversed downward, now it is time to enter Short trade, SL is 38 pips away from EP. (Make sure the market is no longer go up and reverse first before enter a Short trade.), TP is same as Breakout for Short.
If the trade hits SL, waiting for retrace of 10-20 pips to enter opposite trade – Buy.

Buy Low trader pays attention to the major line of
GBPUSD {1.5300, 1.5250}, EURUSD {1.3400, 1.3350}.
If the price is unable to breakout, enter Long trade with SL of 10-20, take profit after price retraced.

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