[TW] 14-05-2012 -USD/SEK (an Exotic pair) (Short) by Bijoymj
USD/SEK - 4 Hour
Even though the pair is exotic, the set up is showing a good signal to catch some heavy quantity of pips.
Long or Short: Short
Entry Point: 6.9600
Stop Loss: 7.0400 (800 pips) followed by a trailing stop of 600 pips.
Profit Target/s: 1st: 6.8300 (1300 pips), 2nd 1.7300 (Further 1000 pips)
Reward-to-risk Ratio: 3:1(If both targets achieved)
Risk percentage: 1 %
Indicators used: Stochastic, Trend and support lines
Trade Rationale: A Doji is formed in a strong resistance area at 6.9600. Stochastic is overbought.
Trade Adjustments: I will be adding a 2nd position after reaching target 1. Please note that the trade may take several days or may up to 1 month. Hence never risk more than 1 % of the account balance. Also remember that the spread will be 20 to 30 pips depending on various brokers.