I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
| S | M | T | W | T | F | S |
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| 1 | 2 | 3 | 4 | 5 | 6 | |
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| 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 21 | 22 | 23 | 24 | 25 | 26 | 27 |
| 28 | 29 | 30 | 31 |
This pair has stalled right above the 1.4100 handle and I look for it to weaken further. I'm going to short now at 1.4110. My stop loss (SL) will be. 1.4150, above previous resistance (1.4140). My profit target (PT) will be 1.4050, its recent resistance-turned-support.
Sell EUR/USD @ 1.4110 | SL: 1.4150 | PT: 1.4050
@Autoxn: The higher blue line is what I've labeled as a major resistance area. The lower blue line is then a major support area. There is no purple line. There is a purple 200 SMA.
@havenoidea: Yes, I might be wrong. That's what makes trading fun. =D