Thursday, September 08, 2005

EUR/USD 9.08.05

6:30 pm- 1 trade won

Earlier in my analysis I said I wouldn't trade if there wasn't a breakout. On the message board, I took back my statement because there was such a clear signal that was generated. At 8:40, there was a clear entry candle and was still at least 10 pips away from the EU session high, so I figured it would at least go to that point. I entered 3 lots long at 2436 with a s/l at 2419 and a first target of 2447. My first target was hit at 9:00 am, and I closed 2 lots and moved my stop to the low of that candle at 2441. I was stopped out on that lot on the very next candle.

Results: +22 +5 -9(spread)= +18 pips

8:00 am- Analysis

Good morning everyone! Unfortunately I wasn't able to trade yesterday because my internet was down the whole day. Hopefully, I'll get something good today :) The Euro is primed to make a big movement today since it had a narrow range during its session (only about 50 pips). However, there aren't really any "major" news reports coming out today so I'm not sure what would trigger a movement. 2 things could happen:

1. There will be hardly any movement and the price will range back and forth between the EU session high and low.
2. There will be a breakout on either side and we'll see some nice movement.

I definitely will NOT trade option 1. It's just not enough range to try and trade the bounce. I will only be looking for option 2. Once again, you can be aggressive and trade the initial breakout (if the price closes outside the high/low by at least 10 pips), or you can play it safe and wait for a good signal. The choice is up to you. Have a good day everyone and happy trading!

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