My EUR/USD Trade (15-11-2007)

*Attached charts. Click on it for the enlarged version.

Hello people.

My trade with the EUR/USD today. At the end of 3:00pm (Singapore Time), I saw a very nice set-up on the EUR/USD. I drew a channel and used my technique that I called "Similar Wave" to forsee the possible target profit.

As you can see in the charts on how I use my "Similar Wave" pattern. Loyal readers to my blog will understand it :)

With all the analysis done, I initiated a short position at the price line of 1.4680 at 4:00pm (Singapore Time). My stop loss was at 1.4695 (15pips) and target profit was at 1.4620 (60pips). A reason on why I had that price line for my target profit is through my "Similar Wave" pattern and also because I have a support level at the price line of 1.4613 which is also near to my 200ma in my Hourly chart.

My target profit was executed at 6:45pm (Singapore Time). 60pips profit for today :)

Peace and trade safely everyone...