[TW] 30-04-2012 - EUR/GBP (long) by dudest

Trading Discussion
1

EUR/GBP H4

20120427_eurgbp_h4_bueb_tw.jpg700×400 27.4 KB

Long or Short: Long
Entry Point: 0.8175 (above engulfing bar high)
Stop Loss: 0.8123 (below engulfing bar low)
Profit Target(s): 0.8220
Risk-to-Reward Ratio: 52pips:45pips
Risk percentage: 2 positions equaling 2% of trading a/c
Indicators used: None. Using support/resistance and a price-action setup [ bullish engulfing bar (BUEB) at swing low ]. On the Daily, looking for price to retrace to resistance in order to go short. This BUEB on H4 could be the retrace trigger
Trade Rationale: A bullish engulfing bar (BUEB) has formed at swing low where a retrace to resistance was expected
Trade Adjustments: When trade gets to 50%, move stop loss to break-even.

2

Thanks for your trade idea dudest!..this is a tricky pair for me today…i do agree with the resistance at 0.8150…however im a little bearish on the EUR and slightly still bullish on GBP…i’m expecting a retracement up to 0.8187 to trigger a Short order for me…however, on the daily chart price-action is showing a three black crows candlesticks…so my order may not get triggered as it may continue to drop…good luck!!