Friday, August 05, 2005

EUR/USD 8/05/05

11:30 pm- Volatile day

Well, I saw a good trading opportunity when the Euro dropped below the EU session's low. I took some profit at my initial target of 2317, but looking back, I think I should've closed all my lots. If you notice the candle where I took profit, it ended up being a hammer. Also, the candle failed to close below 2320. With those 2 factors, I should've anticipated a reversal, but hey, you can't win them all :) Here are the trade details:

- 3 lots at 2328; s/l= 2358; 1st target=2317
- Closed 2 lots at 2317; moved stop on last lot to 2348
- Got stopped out on last lot at 2348

Results: +22 - 20 -9(spread) = -7 pips

8:00 am- Analysis

Good morning everyone! I think we can expect a day like yesterday. With a range of only 37 pips for the EU session, a breakout is bound to happen. Plus, the US Non Farm Payroll comes out at 8:30 EDT and should move the market nicely. In the chart below, you will see the EU session's high/low, pivots, and possible targets calculated from the pip range of the EU session (Thanks OKL). Anyways, try to wait until a clear direction is given before entering a trade, sometimes the market will fake you out. Don't worry, once a clear direction is established, you will still be able to catch some pips; I promise :) Ok, I'll keep posting throughout the day on the message board. Happy trading everyone!

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