[TW] 2012-04-23 EUR/USD Short by Justin Pipper

[B]Long or Short:[/B] Short

[B]Entry Point:[/B] Short at 1.3250

[B]Stop loss: [/B] 1.3320 (20 pips above 1.3000 psychological level)

[B]Profit target:[/B] 1.3050 (descending triangle support)

[B]Risk Percentage:[/B] 1.0%

[B]Reward-to-risk Ratio:[/B] 2.86:1 risk

[B]Tools used:[/B] none

[B]Trade Rationale:[/B]

I’m still fundamentally bearish on the euro, but maybe the G20/IMF summit would push the pair to the falling trend line on the daily chart. On a technical basis, I’m hoping that the descending triangle would play out and the pair would break to the downside.

[B]Trade Adjustment:[/B]

If my trade gets triggered and reaches 1.3270, I will think of closing it early since it has already broken the triangle by then. If I get triggered and the trade goes my way, I’ll also think of moving my stop and adding to my position at 1.3150.