EUR/USD 8/11/05

5:10 pm- 1 Trade won

Before I post the chart, I think it's only fair that I show you how I get my signals. Today especially, I entered even when there wasn't a breakout. The reason is because my FX10 tweak system generated a signal. Here is a picture of how I determine a signal. This is another snippet of my PDF I'm going to put out.













You can see from the pictue above that I like to wait until there are 2 consecutive lows or highs from the actual FX10 signal candle. My 2nd criteria is that a candle after the FX10 signal candle must have touched the 8wma. My 3rd criteria is that the 2 consecutive candles, must both be either up candles (for long) or down candles (for short). In the example above, you would've entered at the close of that last candle.

Now for today's chart.




















You can see that based upon my criteria from above, this was a perfect trading opportunity. My 1st target was hit rather quickly, so I closed 2 lots for +18. That same candle made a huge retracement back, and I got scared and closed my last lot because I was hoping for a strong close above the EU session's high. Since it retraced so far back, I closed my last lot for +4. Minus the spread, my total for today was +13. Not an outstanding day, but it was still a win. And trust me, I LOVE winning :)


7:45 am- Analysis

Good morning everyone! I think today we will see some kind of breakout of either the high or low of the EU session. The Euro only made a 41 pip range during it's session, and usually when the range is that small, there is a nice movement during the US session. As usual, I've plotted all the normal lines as guidance for our trades. They are not concrete, but they help with entries and give us possible targets. What's interesting is that the Euro broke 2400 last night. This leads me to believe that the Euro will move up today. As much as I HATE to admit it (anonymous), the sentiment of the Dollar does look rather weak. If the trade balance on Friday doesn't cause the dollar to rise, then I don't know what will. Anyways, I'll be on the message board. Happy trading everyone!