EURUSD 3/24/09

I should probably mention first that I trade EURUSD almost exclusively, as well as Forex being the only market I trade. For me it is enough to focus on trading one pair and one pair only. There is plenty of money to be made trading one Forex pair, and if you cannot trade one pair successfully, I seriously doubt if you can trade multiple pairs any better.

Today I entered Short @ 1.3537 and closed half my position @ 1.3458. A profit of 79 pips, which I'll take any day. I am allowing the remaing half of my position to try and run for the moment. This is my normal strategy, until I see a convincing reason to close the remaining half. I am currently watching my Murrey Math levels at the moment on the 4 hour time frame, as there is some support at the 6/8 level. Also, the pair is currently oversold on the shorter time frames, so most likely there will at least be some retracement.