Tuesday, March 11, 2008

EURUSD ABC Pattern Followup 3/11/08

This morning I pointed out an ABC pattern that was forming a few minutes before 10 a.m. This trade triggered several minutes later at the 100% retracement level, triggering a short at 1.5327 with a stop of 1.5341 R=14 pips and was stopped out at 10:00 a.m. Several minutes later a setup at the 161% retracement level triggered a short at 1.5336 stop at 1.5350 R=14 pips with the first target at 1.5295 projected risk to reward ratio of 2.7.

Initial Risk = 14 pips
Initial Projected Target = 39 pips

Risk to Reward = 2.7
Net profit: -14 pips or -1R 1st trade
+5.8 pips or 0.4R 2nd trade

-8.2 pips or -0.6R

Type rest of the post here

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