Wednesday, July 13, 2005

FX10 Trade- EUR/USD 9am

I usually don't like to trade on news days, but there were 3 reasons that made me want to go short today.

1. Failed to break yesterday's high
2. The US trade balance was "unexpectedly" narrow
3. Very clear FX 10 signal

The 830 candle was crazy as usual, but after 20 minutes, the price started to drop and a clear FX10 signal was given. In addition, the US trade balance was "unexpectedly" narrow which gave a good indication that price would continue to drop.

Trade details:

2 Lots
Entry: 1.2132
Exit 1: 1.2116
Exit 2: 1.2103

Total pips= +45

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