Long or Short: Long Entry Point: .7605 Stop Loss: .7550 Profit Target/s: .7740 Reward-to-risk Ratio: 2.5 to 1 Risk percentage: 1% Indicators: Fibonaci retacement, stochastic
Trade rationale: I think risk sentiment is pro-appetite now, as equities and high yield currencies rally even on news of rate cuts or more easing. I think thats what people are looking for, so thats they may start pricing in. Technically, the pair broke out of a double bottom, so im basically just playing a retest of the neckline. the .7600 handle also runs through the 50.0% Fibonacci level. Stochastic hasn’t reached below 20 yet, so I think I still have a chance to get triggered.
Trade adjustments: May let small position run if we see a strong risk rally next week
I am with you on the long but circumspect on your entry and stop loss which, if I am correct, may not enter.
I will be posting my analysis with an entry at 0.7656 and stop loss at 0.7613! we shall see
