[TW] 1-16-2012 EUR/USD Long by littlebopip

Pair: EUR/USD (4-hour)

Long or short: Long


Trade Rationale: Double bottom formation, with the pair already above the neckline. It’s consolidating right now so I plan to go long once it breaks to the top. I’ll aim for the next major psychological levels (1.2900 and 1.3000)

Entry: 1.2850

Targets: 1.2900 and 1.3000

Stop loss: 1.2800

Reward-to-risk: 1-to-1 on the first target and 3-to-1 on the second.

Risk management: I’ll risk 1% of my account on this trade and move my stop to entry once the pair hits my first target.

did you close the trade since after 1.293 a pullback is possible.

Hay littlebopip! Nice One!!! Im too think now price move up some more. but i dont think that its wise decision to long yet this downtrend market. I think better wait and watch for a suitable pullback point for sell trigger.

Have a look my commentary about EURUSD.