This may look like just a simple channel/trend line break out, which it is (think "no country for old men").
What makes this a great high probability set ups is the line up of multiple missed weekly pivot points.
Two ways to trade this:
1. short trend line break, have 70-80 pip stops above recent highs and target weekly pivot at 1.7520.
2. OR you can trade it the same way with an adjustment to the stop, only staying in the trend if it can stay below the trend line (limits draw down but is more aggressive stop)
Either way it's a great set up and should be good for 100 pips.
What makes this a great high probability set ups is the line up of multiple missed weekly pivot points.
Two ways to trade this:
1. short trend line break, have 70-80 pip stops above recent highs and target weekly pivot at 1.7520.
2. OR you can trade it the same way with an adjustment to the stop, only staying in the trend if it can stay below the trend line (limits draw down but is more aggressive stop)
Either way it's a great set up and should be good for 100 pips.
Jared Johnson
Union Hedge Funds
Union Hedge Funds