Thursday, April 8, 2010

EUR/USD trade offf weelky trendline support

Picking tops and bottoms in trading is always difficult ,but your probability is always higher when you have a confluence of signals that are generating a higher than average probability that the trade will go in your favor

Today's trade ,a long entry was taken ,what I anticipate as area of support form the weekly chart a  upward sloping trend line as seen in the chart below .






My entry signal was a candle pattern know as a Bullish morning star seen off weekly support with a stop sitting at the pivot low of the 8h00 candle ,my strategic plan for this trade is to to set up early in an anticipation of a trend line break higher to level 1.3350 hopefully the euro gains some ground on the greenback