New trade idea! A bit far from triggering, but if price does manage to get up there, I think it’s going to be a very high probability trade.
Long or Short: Short
Entry Point: 1.5150
Stop Loss: 1.5200
Profit Target: 1.5030
Risk Ratio: 2.4:1
Risk involved: 2% of account
Indicators: None
Rationale:
- Bernanke hinted yesterday that the Fed could start withdrawing its monetary policy if conditions improve (basically confirmed what the market had previously speculated – definitely dollar bullish)
- 61.8% Fib and former broken low lines up nicely