Wednesday, August 03, 2005

EUR/USD 8/3/05

12:30 pm- 1 Trade won

I saw a good breakout of the EU session's high. FX10 signals matched except MACD. I still took the trade because it was such a solid looking breakout. The chart below shows my trade details. I closed all 3 lots because it was past 12 pm and I don't like having trades open past that time.

Results: +33-9 (spread)= +24

7:50 am- Analysis

Wow! What a move the Euro made during the EU session. Over 150 pip range! Today will be interesting. If you look at the first chart (60 min), we can see that the Euro is continuing it's uptrend. It broke a MAJOR resistance at 2250 and is now above 2300. The question is....will it stay up there? The rates are coming out tomorrow so some major movement is in store. I seriously do not think the Euro will keep going up after tomorrow and Friday. But then again, who really knows?

You can see from the chart above that the Euro is testing it's upper channel again. The big question will be whether or not it breaks it or bounces back down. If you look at the 10 min chart below, you will see that the Euro is right around it's high from the EU session. Wherever the Euro goes, I think it will move about 40 more pips. Just remember to wait for a good signal. I'll keep posting throughout the day. Happy trading everyone!

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