EUR/USD, 1-hour
Chart:
Long or Short: Short
Entry Point: At market - 1.4495
Stop Loss: 50 pips trailing stop
Profit Target/s: 1.4350
Reward-to-risk Ratio: roughly 3:1
Risk percentage: 1%
Indicators used: None
Trade Rationale:
Despite the move up, EUR/USD remains inside a range with 1.4500 as a strong resistance. Capitalize on this by continuing to play the range until it breaks out. Sell at market and aim for the bottom of the range. There was also no sign of QE from Bernanke in the Jackson Hole, so that should help at least prevent the USD from selling off.
Trade Adjustments:
None. Just set and forget!