Hi All,
Nice to be back after a long time. Anyway, attached is the 5M chart of GU. Some may be surprised that i use a 5M chart to time entries but i have found a new special technique for timing my entries with very very low drawdowns. Using 5M charts, i can enter trades with DD as low as 15 pips and such trades yield anywhere between 40-100 pips. Not bad RR huh!!
Anyway, i will reveal this special technique later but for now, as the chart shows, 1.5930 is key. It has a confluence of a lot of things for it to be a key price region. It is a region which acted as strong support for a long time and it has been broken now. So any move towards that region will be followed up by selling. So, i have sold there and i believe that its a good place to sell with a small SL. It also ties up nicely with the new technique that i have found to work.
So, though its quite late in the day for me, i have taken this short and will leave this overnight. Please have tight SLs and Asian sessions usually go around to hunt for stops.
Will catch you with my next article.
