matt_forex
Long

Pull Back to Trend Line

FX:EURAUD   Euro Fx/Australian Dollar
277 2 1
PA is bouncing off the .618, I expect PA to test the trend line before heading back down.

This trade offers low risk, with a high reward.

Place stop below the .618 w/ a target around the most resent high (1.54850)
I can see the low risk and high reward, however, a target
of 1.5485 seems a lofty goal. Perhaps a more probably
target - for at least half off - would be a retest of the reasonably
harmonic Head and Shoulders neckline around 1.5050/80 area.
Wishing you lots of pips in 2014 !!!!!
Reply
matt_forex dojitrader
I'm going to keep that in mind as the trade plays out. I might remove half of my position at the neckline, and let the rest run. Thank you for the comment. Good Luck to you as well. Lets see how this plays out.
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