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EURUSD
By Laetitia Vaval | October 11, 2007
I just entered a long EURUSD position at 1.4215. I realize this is probably not an ideal entry point I realize, but I’ve been away for a while and didn’t get a chance to trade before. The Euro tested an all-time high at 1.4280 almost 2 weeks ago and has now been in a steady uptrend for the past 3 days. It seems that it is either about to test this all-time again to form a double top or trade past this level and toward 1.43.
In the case that a double top forms, my upside is: 1.4280-1.42153 = 65pips. I must therefore place my stop about 35 pips below my entry point (1.4215) at 1.4180 in order to have a 2:1 risk reward ratio. If the Euro breaks that all-time high then it could possibly trade up to 1.43 and higher and in that case.
U.S. retail sales are being released tomorrow morning at 8:30, and it will affect my trade if it differs from expectations as the EURUSD is the primary currency pair affected. I’ll need to closely monitor the trade during the release since there will be a lot of volatility and my stop might be too tight. will update after the release.
Tags: eurusd, retail sales, wall street warriors
Topics: Wall Street Warrior |