Thursday, December 16, 2010

Euro trade - pretty big moves!

As i had written in my earlier post (A possible Euro trade in the making) , i was waiting for a trigger for me to enter a short position in the Euro. Last night i managed to find exactly that. 
















On the 15 minutes chart a moving average crossover happened (pink square) around 1.45GMT. Which i picked up on. I decided to wait one more candle to see if the crossover holds which it did. I then entered in a short position at the market.


I decided to keep a stoploss at  1.3520 which is 20 pips higher than the previous high. I will keep my first target at 1.3335 ( S1 from today's pivot point analysis). I will move my stoploss to break even over here.


Trade:
Sell EUR/USD at 1.3413.
Stoploss at 1.3520
1st Target at 1.3335


Update on this trade:
yesterday spot moved below 1.3335, which is when i moved my stoploss to 1.3413.
today i moved my stoploss again now to 1.3280 which is just above the 23.6% fibonacci level, and i've moved my target price now to 1.3180.



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