My EUR/USD Trade (17-04-2008)

*Attached chart (Before). Click on it for the enlarged version.

Hello everyone,

My trade on the EUR/USD today (17-04-2008).

I shorted this pair at the price line of 1.5940 at 6:32pm (Singapore Time) | 10:32am (GMT).

What I saw was my price action, candle pattern and chart pattern. "Double-Top" at my resistance (1.5968-1.5970) and a "Reverse Hanging Man". To support my analysis, Fast [Ash C Wave] down, MAs down, [Ash Cross Over] down. Double checked with 4hourly, the [Ash Cross Over] are also down. Further price action wise, I waited for market to break below my 6ma and then I waited for the price that I want, which is 1.5940.

My Stop Loss was at 1.5975 (35pips) and Target Profit at 1.5800 (140pips). Risk : Reward = 35 : 140 = 1 : 4

From the time I placed my trade, I went out. I just got home and now it is like 1:04am (Singapore Time) | 5:04pm (GMT).

Currently, I am around 20-25pips in the money but I saw how price has reacted, I wish to be more conservative. I have shifted my Stop Loss to Protective Stop at 1.5939 (1pip in the money).

Will update as this trade goes by :)

Peace and trade safely everyone...