Friday, August 12, 2005

EUR/USD 8/12/05

2:30 pm- 1 Trade Won

I apologize for not posting my trade live, but like I said earlier my entry was late. The reason I entered was because the original target from my "intended" entry point was not hit yet. My target was 2382, and I was able to enter at 2399. This turned out to be the best exit point because the Euro bounced right back up after hitting 2381. I was able to close 2 lots out at 2382 and my last lot got closed out at breakeven. My results were +34 +3 -9(spread)= +28 pips . I hope you all got some of that trade as there was a good breakout of the EU Session low. That would've easily gotten you at least 10 pips :)

You can see from the chart that my typical entry signal was given with the 2 consecutive low candles. The first one touched the 8 WMA (actually it went above it) and both candles were "down" candles. If you don't know what I'm talking about, read my post a few days ago where I discuss how I determine my entry signals.

7:45: am- Analysis

Good morning everyone! Today is going to be a good day. I can feel it! The Euro only made a 36 pip range during it's session which is a perfect setup for a decent size move for the US session. Also, the U.S. trade balance comes out today which can also move the market. I'm going to wait until after the dust settles on the news to trade, UNLESS there is a very clear direction. I'll update on the message board throughout the day. Happy trading everyone! Here is today's chart:

On a side note. This time of year is usually the hardest time to trade because many Americans and Europeans are on vacation. The fact that we can still make pips during these times is a very good sign that we can make a profit any time of the year. I hope that encourages you :)

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