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It looks like a flip, but it’s not

From what you see on this chart, it looks like a Flow Flip, but it’s not.

It was more of a breakout from 20 pip or so range.

The entry…

eurusd_03_27_2009_3_in

Click to Enlarge

The exit…

eurusd_03_27_2009_3_out

Click to Enlarge

This was all I traded today. I have some other “life things” that are seriously requiring my full attention, so I’m having to be extra careful in my forex trades. In a few days, I’m going have to be away for a while. Sigh.

This entry was posted on Friday, March 27th, 2009 at 4:27 am and is filed under Trade Setups. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “It looks like a flip, but it’s not”

  1. Paolo says:
    August 19, 2009 at 11:51 am

    Hi Greg, did the breakput encourage you to stay in the trade for quite a long time, even if the price was crossing above and below the Groove?

  2. Greg says:
    August 19, 2009 at 8:32 pm

    Usually when you see me “hold” a trade longer than the in-and-out quickly way, it is because there is compelling evidence at the time of the trade that allows me to stay in the trade longer. I don’t really remember what was going on with this trade…but my guess is this was a continuation after a previously strong down move. It’s been a few months since this trade…and I hardly remember yesterday’s trades.

    This may sound “odd”, but a short-term memory is necessary for trading. Ponder that for a while.

    Here you are, again, Paolo, impressing me with your determination and dedication! Well done! Continue!

    -Greg

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