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Jan 07 @ 18:30 EST > EUR/CAD has been entrenched in a pretty solid downtrend, seen on the Daily and 1HR charts below.  However, recently price has touched a downtrend line (see daily), and we are looking to take a counter-trend trade on a bounce of this line.  We are using downtrend resistance trendlines on the 1HR as entry.  There are two entry’s for this trade, constituting 2 trades, shorter term and longer term.

Jan 08 @ 09:15 EST > Price broke and closed above the trendline, however, we were only able to enter trade at 148.50, trade now live, stop below recent low.

Jan 11 @ 9:35 EST > Price has now moved above our second entry point, and we are adding to this trade at 149.59.  Our first trade, right now, is at over 100 pips, and we are moving the stop on this trade to breakeven, and using the 15min uptrend line on this movement as an exit point, see graphs below.

Jan 12 @ 13:45 EST > Having two positions on this pair open allows us to take profit here and wait for a retracement on the pair before possibly taking another trade.

Jan 13 @ 00:54 EST > Re-entering shorter term trade at break of the countertrend resistance line.  Initial stop is below the lowest point in the counter-trend movement, plus a few pips to bring it below the 1.5023 pivot and 15min support trendline (graph below).

Jan 13 @ 11:01 EST > Third ST trade stopped out on a spike last night.  Price is looking a bit volatile to be taking another position on this pair for the moment, but we will leave the LT trade in for now.  Price has also formed a double top on the 1HR chart, and should price begin making lower lows, we will exit the LT trade as well.

Jan 13 @ 12:09 EST > Taking a 4th trade, much shorter term than previously, off a bounce of around the 1.4950 level, where price has previously reacted to.  Should this trade be stopped out, we will consider closing the long term trade on EURCAD as well.

Jan 13 @ 2:49 EST > Closed 4th trade at BE and taking profit on long term trade1 at 1.4960.

James Chen is going to be holding a webinar discussing hist high-probability trading setups, info from his blog below:

Just a reminder that I will soon be holding a live webinar here on FXstreet.com that is open to all. It is entitled “My Daily Analysis: Finding High-Probability Trading Setups” and will be held on Wednesday, January 13, 2010 at 17:00 GMT (12:00 PM U.S. Eastern Time). This will be a monthly recurring webinar in which I will show my current analysis using live chart examples that will highlight potential trading opportunities.

Here is the description of this webinar: Through a wealth of current chart examples, find out the specific approach I take when performing daily currency analysis and how I use my analysis to identify high-probability trading setups based upon the prevailing trend conditions and key support/resistance levels. Learn about entry and exit setups as well as risk management techniques.

For more information and to pre-register for this free webinar, please click on the following link: http://www.fxstreet.com/live/sessions/session.aspx?id=f0ad41dc-a818-4761-81ed-1ba408c4190e . Hope to see everyone there!