[TW] 09-13-11 - EURUSSD (LONG) by [rasif000]

Trading Discussion
1

EURUSD, D1

eu.d1.1309.jpg700×307 32.1 KB

Long or Short: LONG
Entry Point: 1.3652
Stop Loss: 1.3452
Profit Target/s: 1.4052
Reward-to-risk Ratio: 2:1
Risk percentage: 1%
Indicators used: RSI, Stochastic,
Trade Rationale: This trade has taken on basis of Technical. Well, the price is at the support level which was a resistance before which I marked on the image, and it was hold as support previously. Now, RSI is showing oversold and it’s rising above 30. Stochastic is also indicating that the price will come up. There is also a Morning Star Candlestick pattern. So, I’m going Long on EURUSD giving it a stop loss below the current low and targeting 2% gain from this trade.

Trade Adjustments: I’ll move the Stop loss to breakeven when it will be 200 pips of profit and maybe I can close 50% of my position there (Depends on price action).

eu.d1.1309.jpg700×307 28.9 KB

2

I agree with your overall assertion - long euro for the next few days. However I’d make 1 or 2 small adjustments:

  1. I would bring back my SL to 3552 ( in and around todays low)
  2. I would also bring back my TP to 3852, rather than 4052
    same risk reward

I hope the trade goes well for you and we get to 4052 :slight_smile:

3

Thanks for figure it out :slight_smile:
Actually I’m not using tight SL just because of lot of fluctuation on EU currently. But I’ll move my SL soon after it reaches a psychological level. :slight_smile:

4

According to my trading plan, I took 50% position at 235 pips profit and moved my Stop Loss to Break Even. As there is a chance to fall EURUSD. So, I better be safe :slight_smile: