Play of the Week
Be sure to check out the Cashmechanics.com website for updates. On the Home page, look under “What’s New”, Play of the Week.
At 1.2290 there is daily trend line support. The previous daily swing low is 1.2250. This is the level we use to define our risk. If price goes lower than 1.2250 then look for further bearish momentum on this time frame (this means there is no more reason to be long). 1.2470 is the recent daily swing high resistance and the first point to take some profit.
Play of the Week:
I am looking to go long at: 1.2290 area.
If filled, my protective stop is 1.2250
My profit target is 1.2470
Risk = 40 pips Reward = 180 pips
(disclaimer: this trade is for educational purposes only and is NOT in any way trading advice. There is extremely high risk in currency trading. Please consult your financial professional before considering this type of risk)
Chief Executive Manager