[TW] 2012-05-28 EUR/USD Short by monstapips

Trading Discussion
1

EUR/USD - 1-hour

eurusd.jpg700×289 30.1 KB

Long or Short: short

Entry Point: 1.2615 and 1.2700 (average entry at 1.2663)

Stop Loss: 1.2760 (60 pips)

Profit Target/s: 1.2400

Reward-to-risk Ratio: 263:97 or 2.7:1

Risk percentage: 1% on each position, total of 2%

Trade rationale: Still bearish on the euro, but I think we will see retracement back on this pair. I’m not so sure how strong it will be, which is why I will scale into the trade. Entering at both 38.2% and 61.8% Fibonacci levels. Stop is past the 61.8% FIB. Will aim for new lows past 1.2500.

Trade adjustments: May consider holding onto my trade even past 1.2400 if the move is very strong.

2

1.27 seems better in terms of supply zone… Good luck

3

Possibly. Depends if we see EURO rally over the next couple of days. that move down was pretty strong.

4

I would be long from current price into 1.30 possibly

5

I ended up in the same trade off the 34 ema crossover system and pulled 150 pips.

Pretty volatile little rally today on the poor numbers that came out this morning. Hopefully it holds above the EMA until next week.

6

Great. more longs coming up next week. I will be working with the asiatics notably the AU. Just setting my chart up for the bullish run.
Good luck and happy weekend