Can not see any downward move of the EUR vs. USD. We may even see EUR at 2 vs. USD. Think about the talks about a new reserve currency.
Would you like to make a side wager on that 2USD per Euro call? I love these folks that quote reserve talk but yet don't actually take the time to look at the actual data of reserves that is released quarterly. If they had, they'd have seen that Q2 saw USD reserves increase, and Euro reserves decrease.
I try to get a 1:1 r/r tatio (or very close to it) on a first profit target where I take profit on 1/2, and then I move stop to breakeven, and I try for 2:1 or better for the second 1/2 My targets are based on S/R and adjusted for spread considerations (you would not believe how long it took me to figure that out).
dollar should take a pounding (pun intended) after this: http://www.marketwatch.com/story/some-cit-debt-holders-consider-rescue-financing
Use longer-term charts to gauge intra-day direction. For example, use your current entry set-up on a longer term chart (1hr, 30 mins or 15mins), to gauge longer-term direction. THEN, use a short-term chart for entries (1 min, 30 sec, 10 sec), using your same entry set-up. The trick here is scalping time frames lack the liquidity big institutional players need to move large volume. So they play bigger moves off larger time frames that can accommodate their volume (without slippage) and allow for scaling/pyramiding in/out. This means they're entering on 30 mins/1 hr candles, and building successive positions based on them = large intra-day TRENDS. 1 hour candles are a staple. By entering on a scalping time frame in relation to the larger macro trend, a trader can vastly reduce his stop size in pips = risk, while exponentially increasing reward by playing larger moves. This results in a heavily favorable risk:reward profile (think stop at 15 pips, reward at 60 pips+++). This puts you on the green, psychologically, and a place where you can still screw up and be profitable. Whatever you do, please change your current 40 pip stop, 10 pip TP strategy. This always wipes out accounts. Further, the market is precise and generous enough so you can have a 10 pip stop and a 40 pip take profit. I think a lot of traders on this thread could benefit from this fractal approach. I see a lot of unnecessary 50 to 100+ pips stops. Seems some good traders got long term direction right, but could benefit from much tighter entries. This will do it...