[B]Long or Short: [/B] Short
[B]Entry Point: [/B] 1.5950 (50% Fibo and former support)
[B]Stop Loss: [/B] 1.6200 (above 61.8% Fibo)
[B]Profit Target: [/B] 1.5450 (near double bottom low)
[B]Reward-to-risk Ratio: [/B] 2:1
[B]Risk percentage: [/B] 1%
[B]Indicators used: [/B] 14,3,3 Stochastics
[B]Trade Rationale:[/B]
[U] Technical [/U] – Possible resistance at the 50% Fibo and former support area, overbought Stochastic signal
[U] Fundamental [/U]– Exhaustion of risk appetite rally, QE plans by the BOE, mixed data from the U.K.
[B] Trade Adjustments: [/B]
I’ll scout news reports to determine if risk sentiment will once again rally next week. If reports are still positive, I’ll consider cancelling my orders. I also plan on moving my stop loss to break even if I get triggered and price goes down, and I plan to cut losses early if my trade gets triggered and risk appetite is still strong.
