Wednesday Jan 21 2009 EUR/USD Trade.

My earlier Trade activity:

I sold three lots at 1.3000 – the results were:
+55
+100
+174

Wednesday Trade Setup:

I will be looking for more downward movement. I am just looking for the right time to enter.

So we will use Fibonacci retracement to determine the level to enter to the downside.

When the price hits a retracement line and then drops down and the rsi rises above 50 and then drops below 50 that will be the entry to the down side.

I will buy 3 lots:
1st lot limit and stop at +55 pips
2nd lot limit at +100 Pips stop at 75
3rd lot no limit stop at -100 pips with a trailing stop of 55 pips

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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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