Reasons for entry long:
1. We have seen a impulse, and a retracement on the EURUSD and this a great opportunity to grab it a lower prices.
2. I have identified 2 levels of latent orders which should provide considerable price action once hit.
Money management rules:
A. Risk no more that 1% of ACC on the trade
B. 1/2 off at 2:1 (normally I would take 1/2 at 1:1 but this has room to go)
C. 1/2 off at target
Additionally I'll be watching for Gold and Silver to also rise if USD takes a hit.
EURUSD
1. We have seen a impulse, and a retracement on the EURUSD and this a great opportunity to grab it a lower prices.
2. I have identified 2 levels of latent orders which should provide considerable price action once hit.
Money management rules:
A. Risk no more that 1% of ACC on the trade
B. 1/2 off at 2:1 (normally I would take 1/2 at 1:1 but this has room to go)
C. 1/2 off at target
Additionally I'll be watching for Gold and Silver to also rise if USD takes a hit.
EURUSD
Trade closed: stop reached:
Closed at stop, -1%.