Reason/Setup:
Same reason as the EUR/USD trade. The OzFX setup on 4 hour chart signals a nice bounce. The Stoch is almost crossing over the 0 line and the AC & AO indicators have multiple red bars. Unfortunately, the price action is not as smooth as the EUR/USD pair.
As for the stop and target, they are placed right below the recent low and the 50 EMA respectively.
Trade Details:
Date: May 08 2008, 6:45 am
Entry: 1.96085
Lots: 5
Stop: 1.9497
Target: 1.9697
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