[TW] 09-08-2012 EUR/AUD Short by salt-n-pipper

[B]Long or Short[/B]: Short
[B]Entry Point:[/B] 1.2350 (50% Fibo area)
[B]Stop Loss:[/B] 1.2410 (above previous highs and 1.0400 level)
[B]Profit Target/s:[/B] 1.2000 (previous lows
[B]Reward-to-risk Ratio:[/B] 6.83:1
[B]Risk percentage:[/B] 1%
[B]Indicators used:[/B] Stochastics (14,3,3)

[B]Trade Rationale: [/B]
I think that the euro is way overbought because the OMT program is merely a delaying tactic and not the ultimate solution to the crisis. I also expect AUD to get a boost from the statistic that September and November are bullish months for gold. Also, China is expected to launch stimulus, which should be good for AUD.

[B]Trade Adjustments:[/B]
I’m expecting a long term trade, so I’ll patiently wait for price to hit my entry orders. I’m thinking of placing my stop to break even and adding to my position every 100-150 pips.

I am with you in this trade. Good luck to both of us

got in to the trade on the 10th September 8.30am UK time its currently trading at 1.2311 11th September 8.00pm I’m just checking that it all going to plan and what should I do now still a newbie so need some help and reassure

Nice setup. SL might be too tight.

All the best.

stopped out

Although I disagreed with the SL I still thought the setup was good and went in on the trade. Got stopped out too.
The other two ideas for this week have been winners till now. All thanks to QE3.