Long or Short: Long setup on the 4hr chart
Entry Point: 1.5750
Stop Loss: 1.5650 (below the 61.8% Fib)
Profit Target: 1.5900 (former highs)
Risk Ratio: 1.5:1
Risk involved: 1% of account
Rationale:
Technical - Possible Fib support at a former strong resistance level
Fundamental - We’ll probably hear more QE3 speculations and plans from the euro zone officials over the next couple of days, which should be good for risk appetite.
Trade Adjustments:
I’ll cancel my trade if risk sentiment doesn’t show improvement early next week. If I get triggered, I’ll move my stop to BE after 50 or so pips.