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Sunday, 22 November 2009 GMT
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Post of the Day: EUR/USD
Wednesday, 08 October 2008 07:27:38 GMT
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Student’s Question:
The question is how would one indentify a precise point of entry and stop loss.
Power Course Instructor’s Response:
You definitely have the right idea here.
Once the red candle noted closes and the MACD has crossed below the Signal line and stayed there in the time frame of that candle, that is the signal to take a short position. Potentially, a trader might be able to "fine tune" the entry by looking at a 1 hour chart on the pair to identify a pullback and then a renewed bearish move for entry.
In this case the stop would be placed 5-10 pips above the doji.
Good work...
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