Tuesday, August 23, 2005

EUR/USD 8/23/05

8:16 pm- No trades

Although there was a good move today, it did not meet my criteria and I did not enter. If you were to have followed the original FX10 strategy with no tweaks, you would've profited on this trade. If you know how I generate my signals, you'll know that I would've entered but my first candle did not touch the 8 wma. In fact it was far from it. So far this week, I have no trades. It's killing me :)

7:55 am- Analysis

Good morning everyone! I'm hoping that we'll have a better day than we did yesterday. The Euro made about a 53 pip move last night so I'm expecting about 48 pips of movement left. The current 5 day daily avg volatility is still 101 pips. Right now I have a slight directional bias towards the upside just because on my 60 minute chart, the price has broken the upper band of the 60 minute downtrend channel. I don't think we'll see any MAJOR movement this week because there aren't alot of news events, so still try to be careful when you trade. This is probably one of the last weeks we'll see crappy movement like this. Come September, everyone will be back from vacations and we should start seeing more movement again. Happy trading everyone!

10 minute chart

60 minute chart

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