Trade Setup for Jan 12, 2009 EUR/USD

Friday’s Recap:

OK, the news announcement of non-farm payrolls came out and completely reversed the direction of the pair. I sold Short 3 lots on Friday at 1.3585

  • 1st lot went to my target at +55 pips
  • 2nd lot went to target at +100 Pips
  • 3rd lot went for +110 pips

For a total +265 pips

Grand total for the week was + 670 Pips !

Mondays Trade Setup

The Support level is 1.3310. I tend to believe that we will test this level  early next week. So I will be looking to enter short at 1.3300 if we drop below. If the level hits 1.3310 and bounces, I will look to enter long right after the bounce around the 1.3350 level.

Trade Setup Short 3 lots at 1.3300

* 1st lot set limit and stop at 55 pips
* 2nd lot set limit for 100 and stop at 75 pips
* 3rd lot no limit with 100 pip stop with a trailing stop at 55 pips

Long setup if the price bounces of 1.3300 and moves back up to 1.3400

* Same as above 3 lots with same stops and limits.

Scenario # 3
Price does not go down from where it is 1.3429 but instead goes up.

Enter long at 1.3600
Buy 3 lots and put stops and limits the same as the first two trades.

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