Thursday, August 25, 2005

EUR/USD 8/25/05

5:50 pm- 2 Trades won

On the first trade I kind of fibbed on my rules. There were 2 consecutive down candles but the first one did not touch the 8 WMA. The reason I still entered was because there was a good close below the EU session low (which happened to be my entry candle). I went short 3 lots at 2276 and closed 2 lots at my first target of 2267. My last lot got stopped out at B/E. Looking back, I think I should've closed my last lot after that candle because it was a reversal hammer.

My 2nd trade actually was a REAL signal. You can see 2 consecutive up candles, each with higher highs. AND, the first candle touched the 8 WMA. This was a perfect bounce trade. I entered 3 lots long at 2296. I closed 2 lots at my first target of 2306. My last lot ended getting stopped at 2306 as well.

1st trade= +18 +3 -9(spread)= +12 pips
2nd trade= +20 +10 -9(spread)- +21 pips
Total= +12 +21= +33 pips

If you think about it, that's pretty crappy considering I got 2 trades today. Ahh well, at least it wasn't a loss right? :)

7:50 am- Analysis

Good morning everyone! Let's hope some of that momentum yesterday rubs off on today :) So far, the setup looks good. There was a fairly narrow pip range during the EU Session (about 41 pips), so a breakout is more or less likely to happen. I don't think it will move as far as my calculated targets, but I do think it will break out one way or the other. If it doesn't then DON'T TRADE! It's too narrow of a range to try to trade a bounce. So today, the key levels will be 2321 and 2280. If the EURO closes beyond those prices I'd say we'd have a trade. As far as news, I don't see anything major so if the Euro doesn't break the hi/lo, I wouldn't be too surprised. Have a good day everyone and happy trading!

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