What a great day today! The GDP was lower than expected and caused the Euro to skyrocket today. Just like in my analysis earlier, I had a feeling a breakout was going to occur. Usually when there is such a narrow pip range during the EU session, and big news comes out, it usually generates large movement. Today, I opted to take the aggressive route and entered at the close of the 10am candle. This was a huge break of the EU session high. My first target was 2280. I came up with that target by taking the high of my entry candle and subracting it from the low of the candle before it. I then divided that number by 2 and got 27. I added 27 to my entry which was at 2253 and that is how I got 2280. My first target was hit and I closed 2 lots. I moved my last lot's stop to the low of that candle with a 2nd target of 2300. My 2nd target was hit, and usually I would've closed my last lot, but it was a significant break of 2300 so I decided to just move my stop to the low of that candle. I kept moving my stop to the low of every candle that made a new high and finally ended up getting stopped out at 2341.
Today's Results: +54 +88 -9(spread) = +133 pips
There was actually a signal that was generated according to my FX10 tweaks. So even if you would've played the conservative route, you still would've made a profit because it hit it's first target.
8:00 am- Analysis
Good morning everyone! I hope we have a better day today. GDP comes out at 8:30 EDT so I probably won't trade until after the report. The Euro only made a 41 pip range during it's session so I think we'll see a breakout on either side of the hi/lo. If you want to be aggressive, go ahead and enter a trade if a candle CLOSES at least 10 pips past the hi/lo. Otherwise, just wait for the normal signal. I've been doing more testing and just by eyeballing it, it looks like you will be a winner most of the time if you trade the breakout. Just make sure it is a CLOSE past the hi/lo. I'll post throughout the day. Happy trading everyone!
No comments:
Post a Comment