[TW] 6-6-2011 - GBP/USD (LONG) by jenesaisquoi

[B]Long or Short:[/B] long
[B]Entry Point:[/B] around 1.6300 (I don’t have actual orders set ATM… I may wait until after results of UK PMI come out… Might even enter at market)
[B]Stop Loss:[/B] 1.6240
[B]Profit Target/s:[/B] 1.6500
[B]Reward-to-risk Ratio:[/B] 200 pips vs 60 pips… so that’s about 3.3:1
[B]Risk percentage: [/B]my usual 1%
[B]Indicators used: [/B]100 SMA, Fibo
[B]Trade Rationale:[/B] Purely technical reasoning: 1.6300 seems like a level where price should receive a lot of support (50% Fibo, 100 SMA, hard round number). The long term trend on GBPUSD seems bullish (broke falling trendline) and the recent drop could pass off as a retracement.
[B]Trade Adjustments: [/B] I may add to my position using buy stops if NFP sparks GBPUSD rally.