[TW] 7-13-2012- EUR/USD (Short) by longtermtrader

Trading Discussion
1

I don’t normally dabble in shorter time frames, but this looked too good to pass up.

EUR/USD, 1-Hour

eurusd.jpg700×379 21.6 KB

LONG OR SHORT : Short
Entry Point: Between .500 and .618 Fibonacci levels (1.2240 ideally)
Stop Loss: 1.2280
Profit Target/s: Former low at 1.2180
Reward-to-risk Ratio: 1.5:1
Risk percentage: 2%
Indicators used: Fibonacci retracement levels
Trade Rationale:

  • Market sentiment is euro-bearish
  • Technical downtrend
2

You should have waited till Friday NY close with posting your idea

3

Uhm… your stop loss is going to trigger…
If you add Pivot points to you Fibonacci, you will see that EUR is heading towards R1 at 1.2283.