Trade Update
The euro has finally showed some life and went in our direction last night. Not as much as the cable but it’s still a profitable trade. Consider taking some profit on this trade or at least adjusting stop.
The euro/jpy is still working and would look for a place to add on to it around 162.20-162.00. If it can break above 163.00, it could head for the next resistance areas of 165.00-166.00.
The euro/jpy is still working and would look for a place to add on to it around 162.20-162.00. If it can break above 163.00, it could head for the next resistance areas of 165.00-166.00.
Labels: Forex Signals
David, Where do you recommend setting the stop loss and targets for trades like the new EUR/USD trade and the EUR/JPY trade that's already been placed?
Thanks a lot.
Mark
Posted by
Anonymous |
December 5, 2007 6:01 AM
I would at least set the eur/usd stop at BE (break even). You could place it around 1.4730.
If one had added to the eur/jpy long around 162.20-162.00 I would put the stop somewhere below the 162 handle.
Your stop placement at this point is really up to you. How much do you want to risk giving back on the trade? How much room do you want to give the trade to avoid being taken out by random noise? These are all questions one needs to consider when placing stops. I really hope these trade alerts have been helpful. We've been having some great moves.
Posted by
Forex Warrior |
December 5, 2007 7:16 AM