[TW] 4-16-2012 EUR/USD short by monstapips

Trading Discussion
1

EUR/USD 4-hour

eurusd_april132012.jpg700×525 81.1 KB

Long or Short: short

Entry Point: shorted at market 1.3173

Stop Loss: 1.3225

Profit Target/s: 1.3040

Reward-to-risk Ratio: 2.60:1

Risk percentage: 1.5%

Indicators: Fibonacci and Stochastic

Trade Rationale: I’m short the euro right now and I want to hop on a retracement. There’s a nice 3-bar setup on the 4-hour chart. I went short at market earlier at 1.3173. I put my stop just above the recent high, and will be aiming for the recent lows just above 1.3000. It will give me a nice reward to risk ratio of 2.6 to 1.

Trade adjustments: I will consider closing my trade early if Stochastic makes it down to oversold area (<20).

2

Really a good idea, but EUR/USD has already gone down :slight_smile:

3

now is too late for this movement…

now eur/usd at 1.3075 and stochastic in 4Hours is oversell, but daily is in the middle… so what to do this week?

i think that if eur can bounces on the resistences area 1.3000-1.3050 could raise , but otherwise go down.

4

I was able to enter at market at 1.3173, but I closed before weekend at around 1.3080. I will definetly be looking to reenter short if it breaks 1.3000 this week. I see a head and shoulders on the daily time frame.

5

Good Idea. Target reached. Earned pips on trying it. Thanks…, Keep it up…Also congrats…