Tuesday, May 26, 2009

EUR/USD: closed last trade +48 pips




I decided to close out the last trade because price found a great deal of resistance at the 1.4015 level. I have decided to wait for price to break and retest the 1.4044 level before taking another position. Stochastics are overbought from Weekly to H4 time frames so we may get another retracement prior to the next bullish continuation. Also, there is a bearish divergence (price making higher high, indicator failing to make higher high) developing in OSMA on daily chart.I am sort of struggling with this decision because I have failed to let the last several trades go to target.

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