13 August, 2010 15:11

13 08 2010

EURUSD broke through yesterday’s low but seems unable to stay down. Price then making series of higher highs and higher lows indicating a reversal. Trade opened at 1.2828, stop at 1.2801 and 1st TP at 1.2842.

At this minute, the trade’s not looking too smart. Was in two minds pre-trade whether I should set this up as even though the reversal itself looks ok it is only that just Ok…Looks if anything more like a consolidation before a trend continuation. Also there’s a clear minor resistance at 1.283 just above my entry which is where price reversed once my order was hit. Pros to the trade is that it has the obvious round number of 1.28 on its side and I’m following my rules – that must count more than P/L right?!

Update – Stopped, -81 pips from 3 contracts

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