Just entered short as per below
It's just rebounded of falling 4H trendline. Wanted to wait until after news releases, could be fast moving in both directions so was slightly nervous about whipsaws as US CB confidence figures were much better than expected which can lead to a rise in Euro due to a decrease in risk aversion...
Should be clear from chart below the technical reason as to why I took the trade and the obvious target areas.
The price is very choppy at the moment. Even though we are in an uptrend looking at the daily and 4H charts there are significant retracements and the price is choppy and directionless at times - which makes trading very tough at times.
Trade 6
EUR / USD - Short - 80,000 units @ 1.4332 - 50pip hard SL - 5% of capital at risk
The reason for a 50pip SL is that the technical reason for the trade will be invalid if the price breaks the trendline and thus 50 pips should be far enough away to determine if this is the case.
