Wednesday, July 27, 2005

EUR/USD 7/27/05

10:11 am- Trade won

Like I thought, the Euro broke out long at 9am. Here are the trade details:

-3 lots opened at 2022 at 9am; s/l= 1973; first target= 2048
-First target hit at 9:10am; Closed 2 lots at 2048; Moved s/l to 2019
-Euro failed to make a new high within 30 minutes so the last lot was closed at 2030

Results: +58+18-9 (spread)= +67 pips

7:45 am- Analysis

Good morning everyone! The Euro is trading in a tight range today (about 30 pips). I'm expecting a good breakout on either side for about 50 pips. If the Euro does not break out of this range, DO NOT trade it. It's not worth stressing over just trying to get a couple of pips. However, usually when the Euro trades in a tight range during the EU session, it will usually breakout during the US session. I'll keep posting throughout the day. Happy Trading everyone!

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