gregor100
Long

Potential Long EURUSD - Feedback Welcome!

OANDA:EURUSD   Euro / U.S. Dollar
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I am very new to forex and have been following signals and trying to learn for a while. This is a position I am merely considering so any constructive feedback is welcome!

Basically I am using a round numbers based strategy and seeing that EURUSD has been hovering in the 1.1300 to 1.1400 channel for a while, it now appears to be breaking out of that channel and going long. From what I can see it's tested the 1.1400 area a few times and we've now seen it leave that area of resistance behind by a reasonable degree, enough to think it might not retract.

I've placed a stop loss 10 pips below the low of the last candle there, and I am waiting for price to move 5 pips in my direction before entering, so entry would be 5 pips above the closing candle.

The take profit level has then been based off of a 1:2 risk to reward ratio, and falls well below the next resistance level of 1.1500.

Please go easy as this is my first try! Thanks :)
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