Tuesday, August 09, 2005

EUR/USD 8/09/05

5:15 pm- Missed Trade

Hey everyone. I missed a good trade this morning because I was on my to work. Stupid 9-5, haha. Anyways, before I show you the trade, let me first show you how I calculate my targets. This is a snippet of the PDF I am working on for my FX10 tweaked system.

By looking at the chart above and comparing it with today's chart at 8:40 am EDT, you can see that it was a perfect setup. The entry would've been the close of the 8:40 candle and the first target would've been 2340. With 3 lots, you would've closed 2 lots at the first target and let the last lot run. The 2nd target would be 2331. As you can see, both targets were hit, and you would've made a +27 pip profit.

Another reason this trade looked good was that price had broken below the EU session's low. Here is the chart of the missed trade.

8:00 am- Analysis

Good morning! Today is a big day as the Fed will talk about the interest rates. However, this is not until 2:15 pm. I'm not sure what the market will do before then, but I'm still going to trade if it makes some movement. Right now the price is hanging around the EU session's low, so I would wait for a break of the pivot point to go short, or a bounce to go long. Ideally, the other lines are targets for when we enter a trade, but I always like to calculate my targets first. I'll keep you posted throughout the day on the message board with my trades. Have a great day everyone. Happy trading!

1 comment:

okl said...

good work, looking forward to read your pdf!

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