Wednesday, August 10, 2005

EUR/USD 8/10/05

3:50 pm- Trade Won

It was a good day today. Classic trade setup which made for an easy win. I hope you all got a piece of the move. There were many times throughout the day where I almost entered, but thank goodness I was patient and waited until I was absolutely sure of my trade. Around 11:30 am, there was a breakout below the EU session's low. This was good confirmation that the move would continue to go down. Sure enough, the Euro dropped nicely and gave me some quick profits. Here are the trade details:

- Short 3 lots at 2361; s/l= 2382; first target= 2349

- First target hit; Closed 2 lots; Moved last lots stop to 2361; 2nd target= 2337
- 2nd target hit; last lot closed

Result: +24 +24 -9(spread)= +39 pips

I took another trade right before the move, but I didn't post it because it was a personal trade. I didn't think the market was going to move so I went scalping and got 9 pips off of 3 lots. It's kind of funny because the candle that hit my limit was the entry candle for today's real trade. I re-entered after that candle closed and that's how I got the trade from above. My personal total for today was +48 pips.

7:50 am- Analysis

Good morning everyone! I have a feeling we'll see some good movement today. How do I know? Well I was born with the gift of telling the future. My mom was Ms. Cleo. haha. Yea right. I'd be richer than Bill Gates if I could tell the future. Anyways, the Euro made about a 60 pip range during the EU session and is around it's mid point right now. I'm sure the Euro is bound to make some kind of move this week. It could be today; It could be tomorrow; or it could be after the Trade Balance on Friday. We'll just have to be ready. Wait for a good entry candle today, since the Euro is right in the middle of it's range, if the Euro breaks 2400, look for a move to 2412. I don't see any clear trades for the short side right now, but if you see a good signal, then by all means, take the trade. As usual, I'll be posting throughout the day in the message box. Happy trading everyone!

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