[TW] 30-05-2011 to 03-06-2011 EURUSD Short Trade Idea By Ray_1

EURUSD Timeframe H4

Long or Short: Short
Entry Point: 1.4350
Stop Loss: 1.4400
Profit Target/s: 1st TP at 1.4300 2nd TP at 1.42
Reward-to-risk Ratio:2:1
Risk percentage: 1%
Indicators used: None
Trade Rationale: Next week is NFP week. There are also a few days whereby Euro Zone will be having holidays. For this week, EURUSD was bullish and moving towards my target short zone (Which may form a Double High). On the daily, EURUSD was still in an obvious downtrend.
Trade Adjustments: If my trade was stopped out and price moves aggressively away from 1.4350, I will place a pending order to long instead. :slight_smile:

I was doing a long trade on EU on the monthly chart, closed half of it at 170 pips, the remaining half is now at 200 pips at friday close. The target is 1.4413

is that a 4H chart you’re showing there ?

looks like a good counter trend play. this is low probability but extremely high R:R.

may take it as well… but bigger R:R, maybe go for 3:1 at least since it’s counter-trend

good analysis Ray :slight_smile:

14350 is a key level, so with a tight stop this makes sense.

On the other side, there got a lot of tls broken already. usdx bounced at a tl. So, I am rather thinking of going in long on a breakout in the zone where your entry/sl is sitting. Because if that resistance get broken, price might quick jump to thigher levels. :33:

Yes, the 4H down trendline has been broken, the key area here is 1.4345-1.4365 if the price bounces off this level we could see 1.41-1.40 again. On the other hand breaking resistance might take us to 1.45-1.46.

No clear bias now but with QE3 rumors i am leaning towards the upside…

Yes TalonD, that is a H4 chart. :slight_smile:

Yep. Only issue could be that it will get broken a little, then jumping down and then go all the way up. I wouldn’t be surprised, lol.