Wednesday, September 21, 2005

EUR/USD 9.21.05

8:00 am- Analysis

Good morning everyone! It still boggles my mind that the Euro continues to rise even with the uncertainty of their election, along with high oil prices, and not to mention the US interest rate increase. Even with all those things going against it, traders are still pushing it up. I'll never understand these weird happenings :) Thankfully, I can still make money either way. The Euro made a 55 pip range and according to the 5 day, average daily pip range, has about 3o pips of juice left. Hopefully we'll have some good movement today. I don't think the Euro has moved enough these past few days so I'm still expecting a big move to happen some time soon. Just be sure to be patient :) Happy trading everyone.

Key Levels:
EU session high: 2236
EU session low: 2181
Calculated target1: 2266
Caluclated target2: 2206

2 comments:

Soultrader said...

hi mate - can you give me some insight please.

why do you continue to trade euro when it's obviously the slowest of the majors and doesnt give anything like the returns of say swissy or cable?

is it the spread that keeps you in it, or are you just a europhile?

just interested is all that with the crappy ranges euro makes that anyone trades it at all.

i can understand if you steer away from cable cos she's a biatch at times - but swissy is a nice mover.

Just looking to get in your mind a little :)

may the pips be your friend.

Big Pippin said...

Hi Soul,

Many people always ask me this and it is an reasonable question.

I trade the Euro for 2 very big reasons:

1. There was a time when I first started trading to look and trade multiple pairs. I traded the 4 majors and found that I was spreading out too thin. I decided to start focusing my learning vertically rather than horizontally and decided to stick to one pair. That is why I only trade the Euro. I've traded it so long now that I almost have a "feel" for how it moves.

2. The 2nd reason I only trade the Euro is because my system only works on the Euro. I've tried applying the same concepts on the other majors and for the most part it works, but it's not as profitable. I'm sure if I spent more time I could adjust it to work for the cable and swissy. I just need to work on the stops and exits.

Yea, the Euro has been crap lately, but I'm still profitable. I like the strategy I use and I love trading the Euro. It fits my trading style and I'm very comfortable and confident with my trading system. I think this is the most important concept that all traders should learn :) I enjoy your blog, and congratulate you with your Hilda Baker success!

Cheers mate!


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