Double Trend Trap Trades: April 24, 2014

Today’s DTT Setups: AUDUSD, GBPJPY, EURAUD, AUDNZD.

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The Winner’s Edge Trading Room consists of live trading every Tuesday, Wednesday, and Thursday from 8am through 10am EST (13:00 – 15:00 GMT). This is not just an analysis room; this is a TRADING Room. Here’s the recap from Today’s Room:

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Chris is the head of the mentoring program and trading room at Winner's Edge Trading. He has a passion for technical analysis and helping Forex traders achieve their goals in trading. Chris has been trading for almost 10 years and is most fond of the Double Trend Trap (as a strategy), moving averages (as an indicator) and Fibonacci (as a tool).
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  • Chris

    That is great to hear – thanks for the confirmation :)

  • Ashish Pargaonkar

    Thanks Chris. That clarifies my question with precision.

  • Chris

    Hi Ashish, thanks for the question! Great that you are taking the time to seek clarification. We appreciate your initiative!

    In the video I should have mentioned that this trend line break was against the daily trend (which is indeed green). In some cases, when certain things lign up, then this is OK to trade (but only with more experience in trading DTT). The elements that were in favor of a trade were:
    1) downside momentum prior to the break
    2) upside was corrective
    3) well balanced support trend line break
    When these elements lign up, we sometimes attempt a riskier setup which is not alligned with the trend, but there has to be sufficient space and this pair did have that space back down to the bottom of the uptrend channel line.

    The break did not go as far as we wanted and via twitter recommended to move to break even. The defensive trade management is certainly connected to the fact that the 4 hour is neutral and daily is green.

    Thanks for the question and hope the answer clarifies it. Happy Trading!

  • Ashish Pargaonkar

    Hi Kris….i dint understand why smi shows bullish trend and ur suggesting shorting on 50% fib retracement