Littlebopip's Trades for the Day

Hi guys! I'll be posting my trade ideas here from time to time. Now, I'm still a newbie at this so I'd definitely like to hear your feedback. I'm still learning how to trade through the BabyPips School of Pipsology and I'll be linking some of the concepts there. That way, you can let me know if I didn't quite understand those concepts correctly. Let's learn together!

November 17, 2010 (London session)

The euro is on a strong downtrend lately because of those resurfacing debt concerns, this time in Ireland. Last time I heard, there were increasing speculations about a huge bailout for that country. Then, I saw this descending trend line on EUR/USD's 1-hour chart and noticed that it held for around a week and a half already. I'm hoping it'll still hold because I plan to join the euro-selling bandwagon. But I decided it'd be safer to wait for the retracement first. That's why I drew the Fibonacci tool on the recent move. Then, I saw that the previous week low lined up with today's top daily ATR and the 38.2% Fibbonacci level.

Because of those reasons, here's the trade setup I came up with: Short EUR/USD at 1.3570, stop loss at 1.3600, lock in profits at yesterday's low of 1.3450.

Just a really simple setup. Please look at the graph I posted and see if I did it properly. Feedback, anyone?

I would prefer if you can wait till NY session

Oh look, a *newbie* that refers to babypips each post...Traffic had a spike down? BTW great nic, seen it (or something similar elsewhere)

Hey, a friend just gave me a link to that site and I've been reading it for the past few months. He says some of the stuff there is just basic info, but good enough for a newbie like me. So far, I enjoy reading and re-reading the School because it's funny and not boring at all. But I'd really appreciate it if you can help me expand my knowledge and not just rely on the basics. I've been making some profits on demo and my small live account for now but I'd like to learn more so please help me out. Thanks!