Why This Forex Trade? +152 Pips EUR/USD 03 Nov 2011 Thur Trade. Forex Trading Analysis Sharing.

03Nov 2011     

WHY THIS FOREX TRADE?

A) Analysis:

1) Forex Technical Analysis

a) Key Level(Hourly Chart) @1.3825 (Previous day high)

b) Bearish Engulfing Candlestick Chart Pattern

c) Pivot Point Indicator @ Resistance Level 1

2) Forex Fundamental Analysis:

a) European central bank interest rate cut.

Details:

FRANKFURT | Thu Nov 3, 2011 9:10pm SSG

(Reuters Currency News) - The European Central Bank cut interest rates by a quarter point to 1.25 percent in a surprise move Thursday, acting boldly to support the ailing euro zone economy at President Mario Draghi's first policy meeting in charge. 

B) Forex Trade Position Management

1) Trade 1

a) Sell Market @1.37795 @8:47:13 PM @3-Nov2011 Thu   

            b) Profit Target 1 @1.3729 @8:52:36 PM +50Pips

            c) Profit Target 2 @1.3777 @8:57:59 PM +2Pips (Stopped Out but prior profit protected)                                                                                                                                                    

2) Trade 2

a) Sell Market @1.37696 @9:00:30PM @3-Nov2011 Thu    

            b) Profit Target 1 @1.3719 @9:47:14PM +50Pips

            c) Profit Target 2 @1.3718 @10:25:53 PM +50Pips (Stopped Out but profit protected)