[TW] 04-30-2012 EUR/USD short by monstapips

Trading Discussion
1

EUR/USD 4- hour

eurusd3333.jpg700×275 23.5 KB

Long or Short: Short
Entry Point: 1.3280 to 1.330
Stop Loss: 1.3375
Profit Target/s: 1.300
Reward-to-risk Ratio: 4 to 1 if I enter at 1.3300
Risk percentage: 1%
Trade Rationale: I got this trade idea from Big Pippin. He pointed out the rising wedge on EUR/USD. I think with everything going on in Europe right now, I think euro may be prone to weakness in coming weeks. If EU doesnt accept netherlands austerity plan, euro might drop midway through next week. I am looking to establish short at top of wedge around 1.3280. Stop of 75 pips (if price hits my stop, I think it signals a break higher). Ultimately aiming for 1.300

Trade Adjustments: Will move stop every 75 pips to protect against choppiness.

2

Thanks for your trade idea monstapips!..i’ve also got a short order for EUR/USD, but I couldn’t wait for your entry point and pulled the trigger this morning at 1.3239…also because of big pippin who pointed out a falling trend line on the daily chart with price currently testing the trend line…your entry point will violate the falling trend line so that’s actually my SL at 1.3289…and i put my TP at a strong support level 1.3060…good luck!