Fellow traders,
Have a look at this:
I believe the trade ticks the boxes for a trend reversal long (scorecard at the bottom of the post). The only reasons making me hesitant to take this trade are:
1. Non farm payroll this week
2. There is a much better trade around the 1.2878 level where there is a strong horizontal. This also matches up nicely with a FIB 2.0 ext compared to the most recent retracement. The problem is we can't trade on hindsight so there is no guarantee it will reach this level!
What do you think?
Have a look at this:
I believe the trade ticks the boxes for a trend reversal long (scorecard at the bottom of the post). The only reasons making me hesitant to take this trade are:
1. Non farm payroll this week
2. There is a much better trade around the 1.2878 level where there is a strong horizontal. This also matches up nicely with a FIB 2.0 ext compared to the most recent retracement. The problem is we can't trade on hindsight so there is no guarantee it will reach this level!
What do you think?
| Date Discovered | 04/03/2013 |
| Pair | EURUSD |
| Pattern | Trend Reversal Long |
| Direction | Long |
| Order Price | 1.3036 |
| Stop Loss | 1.2977 |
| Risk | 59 |
| Target | 1.3157 |
| Risk:Reward | 2.05 |
| Trade size/pt | 0.84 |
| Order Placed | |
| Trade Executed | |
| Won/Lost | |
| Screen shot taken | Yes |
| Strong level of Horizontal Support? | Yes | Category B - FIB 2.0 level is best but this is a good horizontal |
| RSI Divergence? | Yes | |
| FIB extension level? | Yes | 1.272 |
| Bullish Price Action | Ye | Inside bar and low test |
| Reward Risk > 2:1 | Yes |
