Long or Short: LONG
Entry Point: Market (1.3390 as of this writing)
Stop Loss: 120-pip Trailing Stop (roughly equal to the 20 period ATR on the daily)
Profit Target/s: Depends on when TS gets hit
Reward-to-risk Ratio: Again, depends on trailing stop
Risk percentage: 5-10%
Indicators: 100SMA (white line)
Trade Rationale:
The last push up by the bulls finally pierced the 100 SMA. If you notice, the close of the must recent candle was a very bullish one as there was barely any upper shadow. I suspect this move up is a sign that a long-term uptrend beginning to form.
Also note that the Greek deal has been passed. While there are still a lot of doubt surrounding Greece’s future, I believe that this new development will push the pair higher at least in the medium term.
Feel free to comment on my trade. This is my second submission, I hope it turns out to be another winner.