Long or Short: Long setup on the 4hr chart Entry Point: .8020 Stop Loss: .7975 (below the rising channel) Profit Target: .8150 (significant resistance level near the top of the channel) Risk Ratio: 2.88:1 Risk involved: 1% of account Indicators: Stochastics
Rationale: Technical - rising channel that's been holding since mid-May, potential support at .8000 major handle, good risk ratio
Fundamental - volatility over Greek elections could drag the pair to my entry level, but QE speculations from BOE and promises of action/intervention by the euro officials should take the pair higher.
I'll cancel my orders if Syriza wins elections. The trade is on if NDP wins. If my trade gets triggered and it goes my way, I'll move my stop to break even at the potential mid-channel resistance.