[TW] 24-2-2012 Long EURUSD by longtermtrader

Long or Short: LONG

Entry Point: Market (1.3390 as of this writing)

Stop Loss: 120-pip Trailing Stop (roughly equal to the 20 period ATR on the daily)

Profit Target/s: Depends on when TS gets hit

Reward-to-risk Ratio: Again, depends on trailing stop

Risk percentage: 5-10%

Indicators: 100SMA (white line)

Trade Rationale:

The last push up by the bulls finally pierced the 100 SMA. If you notice, the close of the must recent candle was a very bullish one as there was barely any upper shadow. I suspect this move up is a sign that a long-term uptrend beginning to form.

Also note that the Greek deal has been passed. While there are still a lot of doubt surrounding Greece’s future, I believe that this new development will push the pair higher at least in the medium term.

Feel free to comment on my trade. This is my second submission, I hope it turns out to be another winner.

from my nude eyes EW analysis on H4 EU
starting from 1.2624 till 1.3232 is subwave 1,
from 1.3232-1.3027 as A of subwave 2,1.3027-1.3326 as B of sb 2, 1.3326-1.2971 as C of sb 2)
that wave 2 is 5-3-5 like zigzag
and now is in the middle of sub wave 3
if price move lower than 1.3232 will invalidate the setup and change to daily EW
that possibly an ABC corrective which A completed 3 subwave, B almost complete, and C is waiting to be done.

and still, the main strategy is bullish

hope im not gonna MC :21: