[TW] 10-31-2011 - EUR/USD (Long) by PureMuscle

Trading Discussion
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Thread Title: [TW] 10-31-2011 - EUR/USD (Long) by PureMuscle

EUR/USD, H4

[U]Long or Short:[/U] Long
[U]Entry Point:[/U] 1.4156 (market)
[U]Stop Loss:[/U] 1.4070 (below the 38.2 fib level)
[U]Profit Target/s:[/U] 1.4350, 1.4400
[U]Reward-to-risk Ratio:[/U] 2.33/3.33: 1
[U]Risk percentage:[/U] 1%
[U]Indicators used:[/U] Chart pattern (Pennant); Fibonacci retracement
[U]Trade Rationale:[/U]
Alright, so I’m really going out on a limb here, since no one really knows what is going to happen next after this massive rally.
Fundamental:
Not much to go on besides the current positive sentiment, which seems to build more based on positive info coming from either Europe or the US. Things in Europe are essentially improving, in my mind at least.

Technical:
The price has consolidated solidly on Friday, and has formed a pennant on the H4 chart. This could break on Monday and lead to a further bullish move upwards.
From what I can see, it looks as though the trend is still holding, and the price will come down a bit and then lift higher again.

[U]Trade Adjustments:[/U] Obviously this trade will depend heavily on sentiment, and should bad news come out of Europe, it may end any hopes of a further upwards push.

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perfect weekly frame

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Very convincing setup. Still a bit more ‘cleaner’ charts would be a pleasure for newbies like me. Cheers.

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I’m hoping that this trade takes off until Friday, because I’ve got this feeling that this month’s NFP will help spur the euro higher :smiley:

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My apologies — What an awful trade :frowning:

6

Lol… better luck next time!

7

Lol, yeah I knew there was a good chance this one wouldn’t work out… :confused: Feels pretty awful getting trade of the week for it… can it rather be given to donnapincioti please?

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I think the vote is based on numbers alone and not the accuracy of the trade! 400+ pips drop. Hmmm!

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You’re back again… I did apologise as seen above. Also, how can the vote be based on the accuracy of the trade when the voting closes before the market opens? Hmmm! Thought about that one yet buddy?

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No, I was trying to explain to the guy(top) how the trade of the week is selected. I am not for or against your trade setup, buddy!
You apologized and I thought there was no need to do so.