Monday, September 25, 2006

Case of the Mondays

"Sounds like someones got a case of the Mondays!". Over the weekend I watched one of my favorite movies of all time, "Office Space", and that was a line that was used on a guy that just seemed out of it. It seems appropriate to use it now as thats what the Forex seemed to have--- a case of the Mondays. Specifically, the EUR/USD, which once again showed about as much excitement as a kid having to go to the dentist. I did read that Germany's inflation rate dropped to the lowest level in two years due to the drop in oil prices. Once again, this adds to the constant tug of war between the Euro and Dollar. The dollar sentiment looks weak, but now inflation is dropping off in the Euro-zone as well. It's just another day of questions, and once again we're right back in a range.

The only thing I'm kind of excited about is my USD/CAD trade. Friday I mentioned that I exited a third of my position with a 90 pip profit and was holding the rest of my position until I saw a momentum change. Well today I did see a momentum change as evident by a couple of spinning tops on the 4 hour chart as well as a changing slope in the 8 EMA. I exited the rest of my position with a 64 pip profit per lot. Booyah!

Setups? None at the moment. I'm sure there is a setup somewhere and if I really wanted to, I could find a trade, but I'm sticking to what I like to call "setups" and with my definition of setups, I see nothing.

Tomorrow looks to be another boring day. Consumer confidence comes out at 10:00 am EST. This may or may not move the market depending on what happens. I'll have to keep an eye on it. Other than that I don't really see anything to exciting. It's just another day in the Forex and once again I am waiting for my opportunity to attack!

Have a great week everyone!

-BP

1 comment:

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