A Friday Trade to start the New Year
I normally do not trade on Fridays, but I noticed an opportunity on EURUSD to go Short around a Resistance level. My Resistance level was set at 1.3967, where a Double High occurred on the 15 min. time frame. Price actually broke that resistance and went up to 1.3985 before heading South.
I entered at 1.3954, which was the Close of the first 5 min. candle to close below my previous resistance level. The first real Support Level I have is at 1.3856, so I'm targeting around 100 pips. Price at this moment is hovering around 1.3882. I have a Double Low of 1.3869 trading off the 5 min. chart, so I will most likely close this position soon. Since this is a Friday I don't expect much more Price movement today. Still, a very nice trade to start the New Year. This is an example of how Support & Resistance Levels can be used for entries & exits.
I entered at 1.3954, which was the Close of the first 5 min. candle to close below my previous resistance level. The first real Support Level I have is at 1.3856, so I'm targeting around 100 pips. Price at this moment is hovering around 1.3882. I have a Double Low of 1.3869 trading off the 5 min. chart, so I will most likely close this position soon. Since this is a Friday I don't expect much more Price movement today. Still, a very nice trade to start the New Year. This is an example of how Support & Resistance Levels can be used for entries & exits.
Labels: eurusd, resistance level, support resistance

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