My EUR/USD Trade (29-04-2008)

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

Hello everyone,

I am still on a downside bias on the EUR/USD. Shorted it at 1.5610 at 2:58pm (Singapore Time) | 6:58am (GMT).

I waited for price action, my resistance level at 1.5670, was not able to be broken. followed by a 1:00pm (Singapore Time) | 5:00am (GMT) downclose candle and a follow through movement the next hour. although there are candle patterns that are popping out, they are invalid patterns.

My analysis was supported by 4hour Stochs kissing on the downside. 1hour, Fast [Ash C Wave] kissing on the downside, MAs kissing down, [Ash Cross Over] cross below. [Ash Down Up], think red bar.

My Stop Loss was very conservative due to current market condition at 1.5625 (15pips) and Target Profit at 1.5560 (50pips). Risk : Reward = 15 : 50 = 1 : 3.3

Currently, market has moved in my favour, around 25pips in the money. Have shifted my Stop Loss to Protective Stop at 1.5609 (1pip in the money).

Will update as this trade goes by :)

Peace and trade safely everyone...