[TW] 08-24-2012 GBP/USD (Long) by Pottermoar

[pottermoar]

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.

[KillerWhale]

Can't vote for you sorry, I think GBP is VERY over valued while it is worth less than ****.
I'll go long @ 1.53 or lower

[VW53]

I Like your trade idea

[akshaykh]

Good setup, but I think 1.5700 would be a good entry to go long. Stoch on H4 and weekly charts have long way to go before they reach the oversold region.

[ctrade101]

i like your trade but await for support at 1.5730 and get out at 1.5895... and good luck i will vote for you !!!!

[noseypip]

excellent setup you got my vote

my SL would be 1.56
my TP would be 1.6