[U]Long or Short:[/U] Short
[U]Entry Point:[/U] 1.3865
[U]Stop Loss:[/U] 1.3910 (we have yet to rise above this level… came close though!!)
[U]Profit Target/s:[/U] 1.3700 / 1.3500 / 1.3200 (I can dream ok!)
[U]Reward-to-risk Ratio:[/U] All you need to know is that its huge!
[U]Risk percentage:[/U] 2%
[U]Indicators used:[/U] Fibonacci, Stochastic, BigE
[U]Trade Rationale: [/U]
Technical - The stochastic is overbought, the Fibonacci 50.0 line is holding as resistance, the TDIs are crossing over on the shorter timeframes and should a crossover occur on the daily, it will be well above 50, suggesting a short.
Fundamental - The situation in Europe is still identical, the optimism cannot last indefinitely given Greece’s crisis. In addition, it appears (according to popular sentiment), that the current uptrend for the fiber is only a correction, and that the downtrend will continue at any moment. I’m taking Monday as that day
[U]Trade Adjustments: [/U]This trade will hopefully keep winning pips, so if that does end up being the case, maybe scale in a few additional positions at predefined points.
Hmmm, after this weekend’s G20 meeting, it is certainly worth raising that stop loss a bit more, perhaps as high as the 61.8 level… But let’s see what happens.
For anyone who took this trade, I’m sure it’s safe to move the stop-loss to break-even now, and to scale in some additional positions, or take some profits off the table if you want
Thanks mate, this was really good trade, i`m still on it, will try to squeeze out from it maximum ( OK, at least 1.35000 )
Thanks. U made me 1,200 pounds so far
If you are patient enough, we should be looking at around 1.31 even. It all depends on what news keeps coming from Europe. But you should definitely keep banking your profits whenever the chance presents itself.
I can’t say the same for my AUD/USD short. I was too aggressive with my entry, hence I got stopped out too early… It’s now down like ~180-190 pips. Holy crap
I actually entered into a similar position myself without seeing this here based on some similar rationale and mostly spotting a good entry on shorter charts… funny enough, I entered short at market 3 pips below your entry order Scaled in a bit, have banked ~80 pips after hitting my the SL points I trailed down this morning (silly risk aversion!) but have scaled in again, and so far so good, with this position making solid gains so far right after the London open. Wish I was more the type with the personality to set a loose SL on a trade like this and let it run for days, but c’est la vie. Still, so far so good on this move, well done It’s always nice to have a trade idea, then log on and see confirmation like this, especially for a newb like myself
Yeah, I’ll be honest, I’ve kept my stop-loss huge since entering into this trade For the first time I’ve tried trading over a longer term. I’m planning on keeping mine open until late in the week, but obviously pulling out some profits every now and then just to be certain
my stop-lose still are on 1.380 .
This is my first long term trade as well. Im thinking i will close this trade only Friday, if its still gonna go down.
Maybe, but I will still like to go with bearish sentiment. But you might be right, 1 hour chart shows a triple bottom pattern. Anyway, if it breaks up out of the wedge, I’m stopping the trade
Scaled in a bit, have banked ~80 pips after hitting my the SL points I trailed down this morning (silly risk aversion!) but have scaled in again, and so far so good, with this position making solid gains so far right after the London open. Wish I was more the type with the personality to set a loose SL on a trade like this and let it run for days, but c’est la vie. Still, so far so good on this move, well done 
For the first time I’ve tried trading over a longer term. I’m planning on keeping mine open until late in the week, but obviously pulling out some profits every now and then just to be certain 
