EUR/USD 5min - Trendlines and Pivots

http://i288.photobucket.com/albums/l...g?t=1289205332

Currently short on the breakout. Will lock in 20 pips.

Price is MS3 so my stop is at BE. Target is S3.

Will close early at 1.39. 20 pips locked in, so stop is at 1.3918 and limit at 1.39.

+20, i'm fine with that, it was a disciplined entry, a strong set up and I didn't leave pips on the table.

The rule that is now in my trading plan is to lock in 20 pips when the trade runs 30+ into profit.

EDIT: There's s3, yes it was my target for 50 pips but I would have been stopped out break even if I hadn't locked in the pips, and kicking myself that I left so much on the table, and probably rushed into some weak set up.

A break of this triangle will probably yield some pips, however I can't trade any more today. Looking at the chart you would expect a break down. For me it is one of the most reliable and common patterns you will come across and they are easy to spot.

http://i288.photobucket.com/albums/l...f?t=1289223102

There's the break up. I would typically wait for a close of this 5 min candle, look to get in as close to 1.3924 as possible, with a 12 pip SL and a target of 1.3948 (WmR1) That would be a RR of 1:2 so quite acceptable.

Chart. Waiting for a break out. I don't take shorts from descending channels so it would have to be a break up for this .

http://i288.photobucket.com/albums/l...g?t=1289291929

I would consider a short from the upper trend line and the WPV. 1.3876ish.

Short at 76, 10 pip stop.

Stopped out manually - 4. Looking to reverse long.

Will go long if it retraces to the upper trend line, 78ish, with a 12 pip stop.

OK, long slightly early at 80.

Stop at breakeven, will close half at 1.39 if we get there, the rest can ride to the DPV.

Great break out! Half closed at 1.39 with the rest targeting 1.3936

Stop on second lot moved up to 90 to lock in 10 pips.

OK first entry was expecting a bounce from the upper trend line and WPV. It needed a clean bounce, a break through would have been bad news so I acted fast and managed to get out with -4. A break instantly triggers a break out trade so it was reverse long when it retraced to the upper trend line. First target is round number 1.39, took half, then on to DPV (hopefully!).

http://i288.photobucket.com/albums/l...g?t=1289296772

This is some move - I would be surprised if we didn't make it to 1.3937 now but I closed at 1.3920. I know what happens when you get greedy and leave that much on the table, you get punished for it. Looking a bit like a reversal candle too. +25.5 today.

Here is a great example of exactly the kind of trade I like taking, I had half an eye on it but no desire to take further trades after banking 25 pips.

You can see these breakouts before they occur. The price action fails to make convincing new highs, which is given a clear visual clue in MACD divergence.

How you take profit is up to you, the daily pivot is the obvious first target, then perhaps the 38.2 retrace of the mornings move up.

http://i288.photobucket.com/albums/l...f?t=1289310975

Looking for a short on the break of this trend line.

Short at 63 with a 12 pip stop.