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CURRENT MARKET TREND: Up 5/27/16 @ 2090
Stop-loss 2026

Wednesday, October 9, 2013

EUR/GBP - Long Term Trade Alert

I am setting a long term buy on EUR/GBP. Be careful with this one, pip values are $15.90 vs. the typical $10 (or $1.59 vs. $1 for mini's). There is a possible inverse Head & Shoulder pattern setting up, along with and Elliott Wave count that looks correct. 

I am buying at current levels - .84700 with an .8330 stop-loss and a .9200 take profit level, which will probably be adjusted UPWARD as time goes on. I plan on leaving this trade open for a long while, therefore, I suggest reducing the amount of money you use to typically enter a trade. On these long term trades we look to make a lot of money from a minimum investment. If you typically trade 1 standard contract, I suggest you trade 2 or 3 mini's on it, etc.

RISK: .8330 or 140 pips or $2226 per standard contract.
REWARD: .9200 or 730 pips or $11,607 per standard contract. 

I will be trading 5 Standards on this trade.






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