I am not a very big fan of indicators but use them sometimes. I am posting my first Trade in the contest. Hope you like it.
TimeFrame - Daily
Currency Pair - USD/HKD
Position - BUY - Long
Entry Point - 7.568
Stop Loss - 7.500
Profit Targets - 1st 7.650, 2nd - 7.770 and third 7.780
Risk Reward - 1:3
Indicator Used - I have just used Fib, Support and Restistence.
Trade Adjustments - Buy 2 lots , Close 1 lot once the target reached 7.650. Adjust your stop loss to break even and let the profits run.
Hey! You stole my trade jk
So…what made you look at this pairing? Not many people are watching it. Have you looked at the long term charts (a few years back)? This baby is primed and ready to soar…but i dont know when it will take off. Is there any fundamental news that you are waiting for in the short term to get this guy moving? thanks
:)… I would say that its good that somebody else also thinks on the same page…
I do watch Fundamentals only for “not doing trade at that time”. Too much Noise at that time. S&R and Fib provides you good chance to have a trade.
In regards to this if you go back to Nov’08 There is support near that and went upside after that. Markets do respect support and I believe they will at here.
If you care alot about fundamentals, You will see improvement in US Job results etc.
After posting this trade, USD did what I thought and its up at the moment. Hopefully it will reach the target next week or so…
jk