Monday January 25 Trade Setup EUR/USD

Friday I entered short at a low resistance level. However after my entry the price went back up and I was stopped out of all 3 positions.

Results were
-75 pips
-100 pips
Total – 230 pips

However for the week I was up again at a total of +364, so it was a profitable week. That is all I am looking for.

Mondays Trade Setup
The price is currently in a channel which I have drawn the lines on my chart. I am anticipating the price to hit that channel wall and continue to slide.

So here it is:

When the price hits the horizontal line or the trend wall and then bounces of of that, I will enter short on the next 4hr candle.

I will open 3 lots –
1st lot with a limit and stop of 55 pips
2nd lot with a limit of 100 pips and a stop of 75
3rd lot with not limit and a 55 pip trailing stop

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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