[Mike]

This is one serious move, EURJPY TANKED today starting around 6AM (right after I went to sleep again), and moved almost 1000 pips down! I had to double check this with another chart to make sure it wasn't my data being glitchy. Sure enough, EURJPY took a slide from 119.72 all the way to 110.64 before rebounding to 115.72 as of right now. So it retraced about 50% which is interesting in itself, but what an incredible move. Millionaires are made by less.



As you can see in this example, if you employ chandeliers in your strategy as a trigger for entry, you are entering this trade way at the inception around 119.60 and it keeps you in the trade all day long where price retraces to 113.36 where a green chandelier takes over and we exit. Price does dip all the way to 110.60 but it certainly did move very quickly so it depends where you want to exit and how many pips you want to squeeze out of this move. Regardless, my own three requirements for taking a trade are satisfied in this chart,

1) Clear Entry based on my system's rules.
2) Reason for staying in trade
3) Optimal place for exit

Any thoughts or questions can go below.

[Mike]

I forgot to mention what is circled in the chart, the green box represents the point where we have the beginning of the down trend. The two circles represent pullbacks to resistance that could provide entries if you miss the previous entries.

I know most of you probably think this is me going back in time and cherry picking winning trades, not the case, those are clear triggers on the charts, basic trading, sell the pullbacks that don't reverse the trend. Get out break even if things go sideways, save your capital for future trades and cut losses small.

[jshous]

In most pairs the Euro tanked...and did the DJIA today...all thanks to Greece.

[Jones]

Oh, and ther eI thought you missed talking about this trade. So easy, if anyone DIDN'T see this, shame on you.

[FXanu]

1) Clear Entry based on my system's rules.
2) Reason for staying in trade
3) Optimal place for exit

Any thoughts or questions can go below.

Hello Mike

I am new to the forum. I was wondering if you could give me a quick rundown of what exactly those steps are so that I can better myself as a trader, it seems like you got it down pat.

Thanks man.

[tab]

1) Clear Entry based on my system's rules.
2) Reason for staying in trade
3) Optimal place for exit

Any thoughts or questions can go below.

really sweet man, cheers!

[DickP]

Tell me fellas, do you think EUR is headed toward a complete reversal? I keep reading articles as such!

[gundang_FOREX]

This is one serious move, EURJPY TANKED today starting around 6AM (right after I went to sleep again), and moved almost 1000 pips down! I had to double check this with another chart to make sure it wasn't my data being glitchy. Sure enough, EURJPY took a slide from 119.72 all the way to 110.64 before rebounding to 115.72 as of right now. So it retraced about 50% which is interesting in itself, but what an incredible move. Millionaires are made by less.



As you can see in this example, if you employ chandeliers in your strategy as a trigger for entry, you are entering this trade way at the inception around 119.60 and it keeps you in the trade all day long where price retraces to 113.36 where a green chandelier takes over and we exit. Price does dip all the way to 110.60 but it certainly did move very quickly so it depends where you want to exit and how many pips you want to squeeze out of this move. Regardless, my own three requirements for taking a trade are satisfied in this chart,

1) Clear Entry based on my system's rules.
2) Reason for staying in trade
3) Optimal place for exit

Any thoughts or questions can go below.

this very easy for you to go back in time and circle what works and doesn't. i've noticed when people do that they are not tellin gus about the losses they have too. Can y ou tell us about th eloss you have as well as the gains you have highlighted?