We're kind of at a crossroads here with the EUR/USD; there are easy pips available no matter which way you look at it. The currency pair has been in an uptrend over the past week or so, and is currently (12:45 AM EST) trading at 1.2770. This gives us the opportunity to short the pair for a quick 30 pip gain, then reverse and follow the uptrend. I see support around the 1.2740 level, so aim to exit the trade around that price point, maybe even lower (1.2715) if you're feeling greedy.
***Edit 1:15 AM****
Well you bet against the long term trend, sometimes you get burned! EUR/USD spiked all the way to 1.2814 within a half hour of this post. Our new strategy is to buy at 1.2810 and hold until 1.2850. This will help us recoup some of our losses, putting us at +20 pips on the evening.
Sunday, December 7, 2008
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1 comment:
A good strategy to follow trading forex is using a Fibonacci Forex trading system. I've been trading one for 3 months and had huge success with it. Good luck!
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