Over the weekend I posted This Possible setup on the Eur/Usd and the trade moved in my favor. I closed my first lot at +15 pips when we had a nice upward spike on the Eur/Usd. Then I moved my stop to +1 the pair topped out at 1.3538 and dropped suddenly taking out my stops.
The end result was + 16 pips total on the trade.
1hr chart *Note click on the chart to learn about our trading service.
Since the pair dropped below the trend line, I am now looking for short trades. The pair is currently testing the support level around 1.3460. If we get a pull back to the upside I will look to enter short possibly around the 1.3500 area.
I open multiple positions and then move my stop loss to breakeven as soon as possible.
Follow My trades on Currensee for free, you can also connect with other traders there as well and follow their trades.
Make sure that you stay informed with all the news that impacts the major currency pairs by reading Forex Crunch.
Have a great trading week.