Wednesday, October 14, 2009

Update on yesterday’s EURUSD Long Trade set-up

If you were able to identify the EURUSD Long trade set-up, which occurred yesterday – around 14:00 GMT – and took the trade, that’s great.

On the Hourly chart above, we had a support-confluence around, at that time, the most recent “broken” swing high @ 1.4800. The support-confluence included the swing high, overlapping fibs, and a Daily pivot. Less than an hour ago, price hit the primary profit target – the 127% ext. @ 1.4905. If you managed your trade properly, scaling out your profits and adjusting your Stop Loss appropriately, you would’ve had a minimum of 2:1 reward/risk profit i.e. your profit would’ve, at least, doubled the amount you initially risked.

P.S.:
This trade was fully supported by the H4 chart price action.

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