EUR/USD Trade @ 1.4187

Earlier today, I put in a trade at 1.4187, the first trade of the week for EUR/USD.  The price was near the daily lows at the beginning of the week and we were seeking a retracement back to 1.4200.  Heavy sellers in this region because the support that broke last week has turned resistance.  We will probably look into holding this trade until next week, but if price comes down close enough to the lows of the week, look to at least offload half your positions.

To the contrary, if this receives enough push back into the 1.4200 region, the trend will try to change and we will switch our direction from a SELL to a BUY.  I would look to average up at the next major resistance level which is at 1.4350.  Depending on the price action when the trade is in the money, look to either completely close out the EUR/USD position or hold onto it as it may want to start heading back down from that resistance level.    This time go in with double the amount of lots you took on initially.

Please keep in mind support/resistance levels are never 100%, you must look at many other factors before you decide to say that you want to either buy or sell at these levels and this only comes with experience.

As much as I would love to see you guys make money; if you want other currency pairs to trade, I am offering my service for $100.00/month to cover the time I have to put in to write posts like this.