Confessions of a Forex Trader

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Since last Monday we had a wild downside movement in the EURUSD, but it entered into a congestion zone where it was difficult to find clear support or resistance level, thus being difficult to trade.

This morning the EURUSD broke that congestion zone, and it is clearer now:

We might have a small retracement, but it is in a clear bearish market condition. And what is more interesting is that the next LT support level is a few hundred pips away

My Trading Plan:

As long as the Euro keeps trading below 1.4761 I will be looking for short trading opportunities. All take profit orders will be placed above the next support level: 1.4515

All long trading opportunities will be ignored.

Trade Safe

Raul Lopez

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Tags: Euro analysis, EURUSD Analysis, Forex majors

This entry was posted on Thursday, October 29th, 2009 at 1:04 am and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.