when the price is so far away from the 89, like it is on a lot of pairs right now. it will be a long time before we can trade the opposite way (obviously)
I don't usually break my own rules, however, I believe I may be able to show you an important point. The E/U is at a crossroads and I am sure you all know how important Daily T/F's are as far as direction. E/U is going to have a real problem going any higher here. Notice the long wicks you been seeing on the 30 Min. Just one look says it all. And yes, thats the 89 on the Daily.
Check out this classic double top on the Aussie Daily chart. If I had known this before the counter triggered I would have taken this trade because it could go awhile. This is when it is safe to trade counters, when you absolutely know for a fact its gonna go. The second chart is the trade, the 1st is the Daily Double Top formation.
There is no set amount, I just see how the price action is going. If I was to put a number on that, I usually like to see them trigger within 3 or 4 bars, but I have taken them with 7,8 or 9 before..
Yesterday was a tough day to trade, especially with that surprise our government sprang on us. Just goes to show you that "Sometimes the best play......Is no play at all!!"
Today is a better day so far as several trades came thru.
