I'm taking this trade with a ratio a little over 1:2. The general trend is an uptrent in a channel. It's also hitting the 50% fib level and a longer term support. It seems to have broken out of the channel but it has a bit of a hammer and doji, and a hammer is forming on the daily chart. To top it off the stochastic is also oversold. Let's see how it goes!
I feel I may have forced this trade a bit as I've been waiting to trade all weekend. Just been studying and real busy with Christmas stuff but I have finished the BabyPips course and just been aching to trade. This setup does seem pretty nice though.. I also just want to get in trades on the demo account and see how well I'm doing. See how it affects me psychologically, even though it's demo I still don't want to lose any money, lol. I would really love to turn this into a career I can do from basically anywhere and support myself.
Anyways, this seems like a pretty solid setup, if I am making mistakes please let me know what you think.