Tuesday, August 5, 2014

EURUSD SWINGING

So it's been about a week & a half and the EURUSD has been steadily declining but meeting some support around 1.336 as seen in the picture below. Interestingly enough we anticipated a spike up towards 1.35 but happy to see the momentum ended around 1.345 as also seen in the figure below.
Now the most important thing to remember at this point of the stalking/pre-trade of our 1.33 BUY. As of now we are 69.2 pips away from our entry target. 1.345 will be tested again so one could consider that price as a potential level to sell for a 150 pip gain towards 1.33; 1.35 can be used as the S/L for this set up. That gives you a 1:3, RISK:REWARD ratio trade with a 150 pip profit target seagwaying into you're big boy trade the 1:33 BUY. So let's what the rest of the week brings and trade hard. I'm in PA btw. 

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