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FXCM Survives Another Test of 10.00 - A Trade Idea

I bought FXCM around 14 in the beginning of the year, so I am down, but it could have been worse. So far however, it looks like FXCM is holding above 10, giving long positions like myself a reason to hold.

FXCM Daily Chart 4/22

(click to enlarge)

After the spike at the end of 2015, FXCM continued to be choppy, but it seems like the volatility is declining a bit. 

Now, there was a test of 10.00 in February and another couple in March. In February, price cracked 10, but eventually rebounded. In March, price held above 10.00 as FXCM consolidated for about a month. As we get deep into April, we are seeing price rally from that month-long consolidation. 

I am still just a hold on FXCM. But, because 10.00 has become such a strong support, I wouldn't mind buying (if I did not already have FXCM-exposure). But then again, I can lower my cost-basis if I enter at 11. 

Buying at 11, Risk and Reward: In any case let's exam an entry at 11. If stop is below 10, ie. 9.40, and target is 15, we are risking 6% for 36.3%. If we target 14, the reward would be about 27.3%. Both of these targets are below the March high, so they would be within the context of this consolidation, with lower highs pattern that seems to be developing.