Why This Forex Trade? +152 Pips EUR/USD 03 Nov 2011 Thur Trade

03Nov 2011
A) Analysis:

  1. Forex Technical Analysis
    a) Key Level(Hourly Chart) @1.3825 (Previous day high)
    b) Bearish Engulfing Candlestick Chart Pattern
    c) Pivot Point Indicator @ Resistance Level 1
  2. Forex Fundamental Analysis:
    a) European central bank interest rate cut.
    FRANKFURT | Thu Nov 3, 2011 9:10pm SSG
    (Reuters Currency News) - The European Central Bank cut interest rates by a quarter point to 1.25 percent in a surprise move Thursday, acting boldly to support the ailing euro zone economy at President Mario Draghi’s first policy meeting in charge.

B) Forex Trade Position Management

  1. Trade 1
    a) Sell Market @1.37795 @8:47:13 PM @3-Nov2011 Thu
    b) Profit Target 1 @1.3729 @8:52:36 PM +50Pips
    c) Profit Target 2 @1.3777 @8:57:59 PM +2Pips (Stopped Out but prior profit protected)
  2. Trade 2
    a) Sell Market @1.37696 @9:00:30PM @3-Nov2011 Thu
    b) Profit Target 1 @1.3719 @9:47:14PM +50Pips
    c) Profit Target 2 @1.3718 @10:25:53 PM +50Pips (Stopped Out but profit protected)
    Details here invtraks.blogspot.com