AlexBarclay
Short

EURUSD Range Continues?

FX:EURUSD   Euro / U.S. Dollar
The price action appears to have found a range, and I'm hoping to capitalize on it by going short.

Not much to say here except that I am expecting the support / resistance zones currently in play to hold. Also, notice the stochastic oscillator is overbought. Most of the time this has been an accurate predictor of a downside move.

I'm trading this with a market order since the range isn't that big, I'm not that highly leveraged, and EURUSD             can whipsaw around quite a bit (especially at the London open), making a limit order less effective.

The main risk here is that the price will go higher before falling lower, stopping me out. In such an event, I might consider setting up a sell limit order to try and catch the price next time it falls (assuming that's possible). Also, if the price does go higher, it might create a little more "clearance room" so I can place a sell limit with enough room to be safe from errant price action, but still be able to make some profit from the range.
Trade closed: stop reached: Got stopped out.

Re-entered with a new limit order to catch any downside after the recent rise, but still give the price a chance to go higher. See this image:
snapshot
Comment: New order was not triggered. Stepping back to see where the dust settles.

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