Monday, August 22, 2005

EUR/USD 8/22/05

4:22 pm- No trades

I always like to say that no trades is better than a losing trade. That was today's case as the Euro did not go ANYWHERE! There were no significant closes above the EU Session high and there were no good short signals to trade the bounce. There was a false signal at around 11:40. You can see the 2 consecutive green candles, each with higher highs and a close above the EU Session high. However, MACD did not coincide with the rest of the indicators and saved me from a whipsaw. I hope you all didn't get hurt today. Hopefully we'll have a better day tomorrow. I swear, Mondays are my worst enemy, but it didn't get any money from me today :)

8:00 am- Analysis

Good morning everyone! Hope you all had a great weekend! The Euro made a strange move last night. I'm not really sure the reason for it. Anyways, this caused the Euro to make a 65 pip range during it's session. The average daily volatility of the Euro is 101 pips so I'm expecting about 36 more pips of movement. That is how I calculated the pink lines in my chart. As I speak, the Euro is breaking the EU session high, but it's kind of tough because the high was just set during the last 10 minute candle of the EU session. I'm still not sure what I'm going to do yet. Mondays are always tough days. I might even stay out today as I've been losing alot on this crappy day. Unless I see a good move, I might not trade. This is one thing I have to work on because I LOVE to trade. Today will test my patience and discipline. However, if I do see something, I'll definitely post my thoughts. Happy trading everyone!

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