Today's win was a little nerve racking, but it ended up paying off nicely in the end. Sometimes I get so tempted to exit when my stop is about to get hit. I've been getting better at sticking to my system. You can see that a signal was generated at 8:40 am, and you would've profited nicely if you entered there. However, I did not enter at that point because the entry candle did not significantly close above the EU session high. Usually, when that happens, a bounce occurs. The very next candle DID close at least 10 pips above the EU session high and at that point I entered long at 2415. My stop loss was set at the low of the candle that last touched the 8wma at 2386.(this would've been the stop loss had you entered on the actual signal). My first target was 2430 based on the hi/lo of my entry candle and the candle that last touched the 8wma.
At about 9:20, it looked like I was about to get stopped out, but thankfully the price held ground and eventually skyrocketed at 10:00. My 1st, 2nd, AND 3rd targets were all hit in that one candle. I closed 2 positions at 2430 and moved my stop to breakeven (even though I really wanted to take all my profits). The next candle made a new high (barely) so I moved my stop to the low of that candle, and that is where I got stopped out on my last lot at 2451.
Results: +30 +36 -9(spread)= +57 pips
8:00 am- Analysis
Good morning everyone! The Euro made a decent sized move last night and is currently hanging around the high from the previous session. According to the 5 day average daily pip range, the Euro only has about 25 pips left of movement. If the Euro breaks my lower calculated target, I think we'll see a move down towards the low of the EU session. I think this is more risky and I will wait until I see an actual signal before trading short. For a long trade, I will either trade the breakout of the EU session high (if it closes at least 10 pips above it), or wait until I see a signal. There is a bunch of US news coming out and even though they aren't really major news reports, you never know how it might affect the price. There might be some surprises in the reports. I'll post throughout the day. Happy trading everyone!
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