Wednesday, August 24, 2005

EUR/USD 8/24/05

6:30 pm- 1 Trade won

Finally we had some movement today! If you know how I trade, then you know that I normally don't like trading the news. In fact, I usually wait about 20-30 minutes after the news until I look for trades. Today was an exception though. The news candle made a perfect entry criteria for my system. You'll notice that there were 2 consecutive green candles, both with higher highs. The first candle also touched the 8 WMA.

If you've read how I calculate my targets, then you'll see that my first target was hit at 2260. I closed 2 lots out, trailed my last lot's stop, and finally got stopped out at 2269.

Result: +40 +29 -9(spread)= +60 pips

Another reason I liked the trade is because the US Durable Goods report dropped lower than forecasts. When something unexpected happens, usually a good move will follow.

7:57 am- Analysis

Good morning everyone! Ok, we are still at ZERO trades for this week. This week has just been ranging heavily! I'm not going to try and force a trade (even though it's tough) but I will still look for signals. During these slow weeks, remember to be extra patient because the market is very sketchy right now. After this week, things should start to go back to normal, but for now just be very cautious. Here are some trades I see just from glancing at my chart. I'd start looking short if the Euro goes below S1 at 2197 and target 2176. If the Euro breaks the EU session high, I'd look long at 2215 and target 2226. Of course, this doesn't even factor the FX10 criteria, but you get the idea. Happy trading everyone!

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