Casey Stubbs – Winners Edge Trading
3:30 pm Est.
I only made one trade this week and that was plenty because I entered the Euro at 1.3596 and I am still in the trade at 1.4000. That is a total of 400 pips which is all I need in one week.
I am going to continue to ride this trade until we see a pull back which I believe should come very soon. However we have a critical restistance level at 1.4720 hit on December 17, 2008. I think the pair should head to that level soon. I would look for a pull back and watch to see the pair move to challenge the 1.4720 resistance level.
There is another ascending triangle forming so watch the trendline on the bottom to be the support. I would expect the pair to bounce off of that bottom trend line then move on up to challenge greater resistance levels. The support level to watch is in the 1.3800 area.
The 1.4362 resistance is also key because back in December when the pair attempted to hit that level that is where it stopped.
I will keep you all updated via email, twitter and this blog as to when I will enter my next trade.
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