It should be noted that the market was not stable and trend was not also so clear, as well according to previous events, the price has still been trapped between around the key level of 1.3508 (The weekly pivot point) so it is of the wisdom to be neutral at this area. Therefore first step is wait for a period of tight sideway range market before breakouts. Then, it will probably that the market is going to start showing the signs of bullish market (Can expect explosive breakout). In other words, it will be a good sign to buy above above 1.3530 with a first target of 1.3625 and price breakout and it'll climb towards 1.38. However, If the the pair couldn't break or closure above 1.3509, hence the market will indicate a bearish opportunity below 1.3509 then the support will be become a resistance, for that it will a good sign to sell below 1.3509 with a first target of at 1.3290 and it will call for downtrend in order to continue bearish towards 1.3211 (0.0% of Fibonacci retracement levels on H4 chart), in order to form new double bottom at this level.
Intraday Technical levels ((1st of December 2011)):
Breakout strategy: it's one of the best strategy has ever seen, but it so difficult and too complex. (Most important to find the trend power from Y = aX + b) Breakout1 – Waits for a slowdown in volatility and then trades in the direction of the subsequent breakout. It is very short-term in nature, uses fixed stop losses and profit targets, and works best in fast-moving markets. Breakout2 – A breakout strategy that looks to go long when a currency pair breaks above its 24-hour trading range, short on a break below. Unlike a raw channel breakout strategy, However, Breakout2 uses an SSI trend filter to confirm whether or not price is likely to continue in the direction of the breakout. It opens a trade with five units and staggers entries and exits according to a pair’s Average True Range.
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate. Stop Loss should NEVER exceed your maximum exposure amounts.
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