Update 05-08-08 6:00 pm:
I have changed the target to be just above the 50 EMA at 2.0448. This is also a prior resistance level and I am confident it will be hit.
Reason/Setup:
Entered this trade based on the OzFX signal on 1 hour chart. The short signal on the daily chart is still valid, and my trade yesterday was unfortunately stopped short. But this is one of those volatile pairs, and has a very high swings in each candle. I have placed my stop just above the 200 EMA on the 1 hour chart, and the target is 100 pips away.
Trade Details:
Date: May 08 2008, 6:45 am
Entry: 2.05809
Lots: 10
Stop: 2.0669
Target: 2.04809
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