Tuesday, August 02, 2005

EUR/USD 8/02/05

Forgot to post results- If you look at the message board from yesterday, I netted a whopping 3 pips :)

7:30 am- Analysis

Good morning everyone! Let's hope for a good day today. I have 2 charts today. The first one is the 10 minute chart with the high and low of the EU Session. The range is about 50. The Euro is usually more potent than that so I think we could see about another 50-70 pip move in either direction, so be patient before taking any trades. My mistake yesterday was that my signal came so late, I forgot to think about the Euro's potency. After I was in the trade, the Euro and already had a pip movement of over 100 pips (up and then back down). Had I realized that, I probably would've taken quicker profits or just not entered at all. Sigh, the things you realize AFTER you make trades, haha.

The 2nd chart is the 60 minute which I posted yesterday and Sunday. The big picture is showing that the Euro is right in between it's current trend channel. This means that it's a toss up on whether or not the Euro will move up or down to a trendline. However, it does look like a divergence has formed on the Stochastic and the price, so this could hint at a move down. But, as usual, the market will do what it wants :) Happy trading everyone. I might not be able to trade because I have a meeting today, but hopefully I can squeeze something in :)

1 comment:

okl said...

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