Yesterday, I wrote about the doji on the Eur/Usd at the end of the week. I mentioned that if after the doji we had another down candle we would be out of the uptrend for a short period of time and we could go short.
What actually happened was that we moved down to the 1.4500 support level and then there was a bounce that moved up.
I was watching and waiting for the bounce or break through. Since a bounce occurred I looked at the charts and made a long entry at 1.4590. I could have gone in sooner but I waited until all the pieces of my system are in place.
Today, I will be posting my trading log that I am starting today. I will be posting my trades daily so make sure to check in daily or sign up for the newsletter. I also called the reversal today on twitter so those of you that follow me got to have that benefit.
Here is a brief video that describes my trading for today.
Eur/Usd Trade Setup:
Right now we are right in the middle of the 1.4718 resistance level and the 1.4500 support level. This is called no mans land which means don’t make a trade here until you get to a support or resistance level. We have had strong bullish movement I would expect the 1.4718 level to be tested soon.
So watch for the 1.4718 level to be tested and if it does not break we might have an opportunity to go short with a slight pull back of that level.
Thanks for reading and if you have any questions or comments please do not hesitate to ask.
Winner’s Edge Trading, as seen on: