Wednesday EUR/USD January 14, 2009 Trade Setup

Today’s Results:

The downside continues for the Euro and I made up some for yesterdays losses.

I entered short at 1.3275

  • I hit my first limit at +55 pips
  • I hit my second Limit at +100 pips
  • My third lot with no limit is still open

Total for Day is +155 Pips

Tomorrows Trade Setup

The new support is around 1.3155 The Resistance is 1.3300

So this is what I will do If it tops the resistance, I will enter long. If the price goes below the support I will enter short.

Tomorrow’s Setup:

Enter Short with 3 lots at 1.3155

* 1st lot with stop and limit at 55 pips
* 2nd lot with stop at 75 pips and a limit of +100 pips
* 3rd lot with stop of 100 pips with a limit at 1.3005 +150 pips with a trailing stop of 55 pips

Or enter long with the same stops at 1.3300

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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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