[TW] 2012-07-23 GBPUSD LONG by Jabroni


Long or Short: LONG

Entry Point: 1.5660

Stop Loss: 1.5610

Profit Target/s: 1.5750

Reward-to-risk Ratio:
90:40 or 2.25:1

Risk percentage: 1%

Indicators: 100SMA (red line), 50% Fibo

Trade rationale: saw a lot of interest around 1.5650 in the past, i think it offers potential support (esp. since it lines up with the 50% Fibo and 100SMA). outlook seems bearish for the dollar because of QE3 prospects. i see gbpusd extending its rise

Trade adjustments: will cut losses if we see a solid close below 1.5650/100SMA

[I]newbie[/I] why is this not going your way?