Tuesday, July 12, 2005

EUR/USD 7/12/05

From my analysis last night, I knew that EUR just broke resistance and the upper channel of the daily downtrend. This morning the price just hung around that level. I knew it was going to either break or bounce so I wanted to wait until I had a good breakout candle before trading the FX10 system. From the charts, you can see their was a sell signal at 830 but it wasn't a good breakout candle, so I decided to wait. Sure enough it was a bad signal and I got a good breakout candle at 910am. The indicators also matched up, but I still wasn't convinced it was going to keep moving up, because it's been ranging since 300am this morning. I waited to see if there would be a higher high than the breakout candle, and sure enough it came at 950. I was still kind of skeptical because stochastic was showing overbought, and it was right at 1.2200 but I figured I could get 10 pips.
During the trade, there was alot of ups and downs. I usually like hitting my target quickly, but today seemed like a ranging day after the big move during the asian session. Eventually, I was able to take profit at 1.2210 and I closed all my lots because I knew it was a range day.

3 lots
+21 pips

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