First post....yipeee!!
EUR/USD 1H chart...if you don't know what that's mean, grab yourself some trading books...I will post my reading list as well...which I think it's good for us, newbie!!
I just made a short sell on this pair. Why? because I think, after the rally yesterday the price couldn't get any higher than 1.4475 which is the resistance. The euro went into rally because of bad result of one of the US economic indicator yesterday..
Anyway, put the short sell on 1.4430 and put my stop loss 50pips above the entry price. I'd target the exit price would be around 1.4330 - 1.4287. Why? because its on the area of 61.8 and 50% fibonnaci retracement. And it also above my risk reward ratio, which is more than 1:1.
I don't know whether the price will go up or go further below that level, I don't when will it landed on...All I know it may make some correction. How do I come up with this? First, it can't pass thru the resistance, 1.4475. It tested it, but it lost the momentum and volatility. Shown on ATR indicator. And the MACD was starting to decrease. BUT, never ever rely on the indicator alone, one must see the price actions. Because that's trading is all about...
Well...hopefully, it can get to my target zone otherwise I put my stop loss price. Can't risk more than 2%...
Good luck...don't blow it!
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