Thursday, March 31, 2011

EURGBP - Retracement Trade (excellent ratio)

EURGBP H1 Chart - Retracement Setup
It appears that support is holding at current levels, and the pair is due for a fall. The ratio here is excellent. Trades like this open up a lot of freedom if they stay open for a long time. I have some ideas for this trade if it ends up going correctly (adding to the position size, while maintaining the same amount of risk, partial profit targets, etc.)

I have placed a SELL LIMIT above the market price:
entry: 0.88235
SL: 0.88435 (-20 pips)
Initial target: 0.87095 (+114 pips... **subject to move)

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