12/2/10 EURUSD – Early Breakout +45 pips

February 14, 2010

FX Trading, Trading Set-ups

This week has not been a good week for the Euro with scrutiny of the sovereign debt of Greece.  Fears of contagion throughout the other members of the PIGS group of countries (Portugal, Italy, Greece & Spain) and the global financial system have weighed heavily on Traders.  So no surprise that most people have been looking to sell Euros this week and yesterday I was no different.

My early morning start (0530) allowed me to find an area of consolidation on EURUSD and I placed my trades accordingly. I was short at 1.3656, with a stop at 1.3671 and a target of 1.3611.

 

You can see from the chat that at:

Point 1 – Price breaks the level of support I had determined through my strategy.

Point 2 – Price hits my +20 mark and so my stop loss goes to break-even

Point 3 – Price hits my target at 1.3611

Price continued down very strongly for the remainder of the European session and I’m sure I could have harvested many more pips.  However I’m always happiest when I have targets in place and I plan my trade and trade my plan. As it was this trade was a nice +45 points of profit for a 3:1 R:R trade.  Very nice and it helped me finish off a positive1st week back trading.

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

View all posts by FXTraderPaul

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