Reason/Setup:
I entered this trade based on the OzFX setup on daily chart. This was also a recommendation on the OzFX forums. This pair has moved down a lot in the past couple of days, and I have been able to capture some of that move. But the trend still seem to be valid. The price is below both the 50 and 200 EMA's which is a bearish sign. The Stoch could not go on to the 80 range as it had done before indicating weakness in this pair.
Once again to be on the safer side, I have entered with just 5 lots. If the trend is confirmed, I may enter with another 5 lots. The stop currently is placed at 161.185 which is just above the 200 EMA. And the target is at 158.52, which is one of the prior resistance levels.
Trade Details:
Date: May 08 2008, 5:30 pm
Entry: 159.742
Lots: 5
Stop: 161.185
Target: 158.52
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