Friday, June 5, 2009

3rd Feb 2009 EUR/USD Trade Opportunity Entry 1

3rd February 2009 – 0715 ET –

EUR/USD M15 Chart - The price is currently trying to make its way on a EUR directional trend. The main resistance is at 1.3178. There is quite some way to go for the current price at 1.2842 to reach & contest the main
resistance. Being so, the price can behave wildly & attempt to go the USD way.

The best opportunity for EUR entry was at around 1.2740 which happened yesterday at 10.30 to 1400 ET. Nonetheless, some traders could have missed the pullback & now looking for an entry. Honestly, I don’t purchase a trade towards any direction like where the price is now on the M15. However, you can check out Ryan O Keefe’s trend-line gap trade method & try to apply it for an entry.

The best thing to do now, in my opinion is to wait for the price to reach 1.3046ish & standby for a possible reversal. According to my trading system, entering into the EUR trend now is not at all the lowest cost with the main support being at 1.2707 which was in the area for a good stop loss. All the best with your Forex trading!

Disclaimer: Trading in the FOREX market involves risk. This information should not AT ALL be viewed as trading recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

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