(resubmitted message with proper, corrected templates)
Many of you have been asking about exits. Felicia never stops working.
I am unveiling, on a TEST basis, revised Cornflower templates that include profit bands. These bands are drawn at set distances from the 72 EMA and vary for each currency pair. They are based on my knowledge of 8 pairs and can serve as approximate profit targets. Mind you, they are unscientific. But what is in technical analysis?
For each pair, there is a P1 and a P2. P1 is the likely limit of an average move, defined by a trend that tends to pull back to the area shy of the 24 EMA before continuing its trend. P2 is the target for an agressive move that pulls back only to the 8/12 EMA area. P2 moves are not as common.
The 72 EMA excursion values for each pair are as follows:
Template CF50
EURUSD, USDCHF, USDJPY, AND USDCAD: P1 = 50; P2 = 75 (edit: correction)
Template CF70
GBPUSD, EURJPY, and EURAUD: P1 = 70; P2 = 100
Template CF100
GBPJPY: P1 = 100; P2 = 150
Surely bands could be devised for other pairs.
Please note: pairs will not always reach these targets, especially in weak ranging markets. Use your discretion.
Many of you have been asking about exits. Felicia never stops working.
I am unveiling, on a TEST basis, revised Cornflower templates that include profit bands. These bands are drawn at set distances from the 72 EMA and vary for each currency pair. They are based on my knowledge of 8 pairs and can serve as approximate profit targets. Mind you, they are unscientific. But what is in technical analysis?
For each pair, there is a P1 and a P2. P1 is the likely limit of an average move, defined by a trend that tends to pull back to the area shy of the 24 EMA before continuing its trend. P2 is the target for an agressive move that pulls back only to the 8/12 EMA area. P2 moves are not as common.
The 72 EMA excursion values for each pair are as follows:
Template CF50
EURUSD, USDCHF, USDJPY, AND USDCAD: P1 = 50; P2 = 75 (edit: correction)
Template CF70
GBPUSD, EURJPY, and EURAUD: P1 = 70; P2 = 100
Template CF100
GBPJPY: P1 = 100; P2 = 150
Surely bands could be devised for other pairs.
Please note: pairs will not always reach these targets, especially in weak ranging markets. Use your discretion.