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Trade Idea: Long EURSEK after break of weekly trend

 
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ufxmarket
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Joined: 20 Sep 2013
Posts: 63

PostPosted: Fri Oct 11, 2013 12:13 pm    Post subject: Trade Idea: Long EURSEK after break of weekly trend Reply with quote

Trade idea background

Buying pressure resulted in EURSEK breaking the trend of lower weekly highs while trading to the highest level in 15 weeks yesterday. Although this is clearly bullish for sentiment the daily chart highlights the cross stalling at 8.8070, the 161.8 percent extension level from 8.5475-8.7080. The correction lower from this level has been mild and we are assessed to be in the third wave (lower). Our prime level for a long entry is 8.7635.

Trade management and risk description

Once the first target is achieved, move the stop to entry on any balances.

Trade idea parameters

Entry: Buy at 8.7635

Stop: Can be placed at 8.7450

Targets: 8.8000 and 8.8200 (intraday) medium term 8.8985 and 8.9670

EURSEK charts

eursek weekly

eursek daily

eursek 2 hours

Source for all charts: Saxo Bank

Disclaimer:
Non-independent investment research
This investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Saxo Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Read mo



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Topics

This post appears under the following topics...

Forex
EURSEK
Trading ideas

regards
ufxmarkets
Online currency tradinghttp://www.ufxmarkets.com/in/currency%20trading
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